Accounting - Control and Monitoring of Cash
Details
For any business or organization, the need to control and monitor cash transactions to ensure the efficient operation of the business is vital. In ALISON's free online accounting course, procedures and structures for establishing internal control such as
control of cash receipts and cash disbursements, proper use of the bank checking account, preparation of the bank reconciliation, and protection of petty cash funds are all explored in detail. Examples of recommended documentation and the postings used in
the ledgers are given. An overview of the five components for internal control is described and this provides a structure for developing the necessary procedures needed to ensure the safe handling of cash within an organization. You will also see how companies
can protect both their assets and employees by following steps such as segregating employee duties, assigning specific duties to each employee, rotating employee job assignments, and using mechanical devices.
ALISON's free online accounting course will be of great interest to entrepreneurs and business professionals who would like to better understand how to control and monitor daily cash transactions within an enterprise, and to any learner who is interested in
accounting as a future career.
To qualify for your official ALISON Diploma, Certificate or PDF you must study and complete all modules and score 80% or more in each of the course assessments. A link to your Diploma certificate will then appear under the My Certificates heading of your My Account page.
LEARNING OUTCOMESHaving studied this accounting course you will be able to: - Describe the necessity for and features of internal control; - Define cash and list the objectives sought by management in handling a company's cash; - Identify procedures for controlling cash receipts and disbursements; - Prepare bank reconciliation statements and make necessary journal entries based on that schedule; - Explain why a company uses a petty cash fund, describe its operations, and make the necessary journal entries; - Calculate, analyze and use the financial results-quick ratio.
Outline
Module 2: Accounting - Control and Monitoring of Cash Assessment
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