responsibility. Jeff is the custodian of the petty cash fund‚ and he should be the only one responsible for that petty cash fund. My recommendation for the company would be for another petty cash fund to be established for Jose when he is needed to fill in as custodian. This will ensure that if something should happen with that petty cash fund‚ Jeff will not be held responsible for Jose’s mistakes. Therefore‚ if Jose makes a mistake as custodian of his own petty cash fund‚ he will be the one held responsible
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cash disbursements is important for companies as most large thefts occur from payment of fictitious invoices. One key to controlling cash disbursements is to require all expenditures to be made by check. The only exception is small payments made from petty cash. Another key is to deny access to the accounting records to anyone other than the owner who has the authority to sign checks. A small business owner often signs checks and knows from personal contact that the items being paid for are actually
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Heather handling the receipts from the customers someone else should handle the recording process. 2. Principle violated is establish responsibilities. Divided responsibilities for related transactions. There should be rules set in place where no petty cash payments should happen while Jeff is at lunch. If for some reason this can’t be possible Jeff and Jose should count the cash before Jeff leaves and when he returns. This prevents any book errors. 3. Principle violated is safeguard assets
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ACCM 4000 Accounting Principles Trimester 3‚ 2014 Tutorial 9 - Solutions Tutorial 9 Questions: Week beginning: 26/01/2015 Chapter 10 – Discussion Questions 1‚ 2‚ 6‚ & 8 Exercises 10.2‚ 10.3‚ 10.7‚ 10.9 & 10.10 Problems 10.7‚ 10.9 © John Wiley & Sons Australia‚ Ltd 2012 7.1 Solutions Manual to accompany Accounting 8e by Hoggett et al CHAPTER 10 CASH MANAGEMENT AND CONTROL DISCUSSION QUESTIONS SOLUTIONS 1. Explain the limitations of balance sheets‚ income statements and cash flow statements
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Page 335 Quick Study 8-6 1. For each of the following items‚ indicate whether its amount (i) affects the bank or book side of a bank reconciliation and (ii) represents an addition or a subtraction in a bank reconciliation: a. Outstanding checks- affects the bank side and represents a subtraction in a bank reconciliation b. Debit memos- affects the book side and represents a subtraction in a bank reconciliation c. NSF checks- affects the book side and represents a subtraction in a bank reconciliation
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should be submitted with the monthly report. 6. All vouchers/payments should be approved by the Treasurer. B. The Petty Cash Fund 1. The petty cash fund is established to pay petty expenses or expenses of small amounts. These expenses do not require payment by check not is it practical to pay them by means of a check. 2. When the fund runs low‚ the Petty Cash Custodian prepares a Petty Cash Summary Report to replenish the Fund. This Fund must be kept in the imprest basis‚ that is‚ the total unreplenished
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COMPUTERIZED TRACKING SYSTEM IN THE ACCOUNTING OFFICE - PROVINCIAL CAPITOL OF APAYAO ______________________________________________________________________ A System Proposal Presented to the Faculty Graduate School Angeles University Foundation In Partial Fulfillment of the Requirements for the degree Master of Information Technology _____________________________________________________________________ By: Imelda M. Taguiam November 2012 CHAPTER 1 INTRODUCTION 1
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Chapter One | | |Office Organisation | | | | |1.1 |WORK OF KEY DEPARTMENTS | | |Examples of Key Departments:
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“The future was wide open”.This is a quote from Tom Petty calle into the gret wide open.In the poem Eddie graduates highshool‚taking a rebel like journey out to hollywood. By which he moved met a gitl‚went into the music industry and made a hit...Mr.”One hit wonder”. Tells the life of a rockstar‚shifting tones by stanza‚in a unrealistic type way.Told in a lyrical way. The song into the gret wide open tells us about a ambitious man who sooon later”lived “the hollywood dream. Eddie a very goals like
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1. The recently promoted Chief Petty Officers attached to Staubles Bay for Officer of the Day (OOD) duties were required to carry-out an extended period of understudy‚ which entails working alongside a senior Chief Petty Officer during their tour of duty. As Command Fleet Chief Petty Officer (CFCPO)‚ I was mandated by Command to design a mechanism to effectively assess the competency of these Chief Petty Officers to determine their readiness to assume the administrative responsibility entrusted upon
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