Mastering Internal Controls and Cash Management: Safeguarding Business Assets and Ensuring Financial Accuracy
Sub Category
- Accounting & Bookkeeping
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Objectives
- Analyze the significance of internal controls in accounting: components, segregation of duties, authorization procedures, and physical safeguards.
- Evaluate the effectiveness of cash receipts internal controls by examining procedures for recording, documenting, and safeguarding cash inflows.
- Assess cash disbursements internal controls in mitigating risks, including purchase order systems, approval processes, and vendor payment verification
- Perform a comprehensive bank reconciliation to identify and resolve discrepancies between the bank statement and cash records.
- Develop and implement procedures for efficient petty cash management, including reimbursement, documentation, and periodic reconciliation.
- Explain the impact of the accounting cycle on cash management, including the interrelationships between cash transactions and other accounting processes.
- Define key terms related to internal controls and cash management, such as internal audit, segregation of duties, cash equivalents, and float.
- Interpret financial statements to assess the accuracy of cash balances and the effectiveness of internal controls over cash.
- Demonstrate proficiency in utilizing software tools and technologies to enhance cash management and internal control processes.
Pre Requisites
- Basic understanding of accounting principles: Familiarity with concepts such as debits, credits, financial statements, and the general accounting process.
- Computer and internet access: Ability to use a computer or device with internet connection to access the course materials and participate in online activities.
- Math skills: Proficiency in basic arithmetic operations (addition, subtraction, multiplication, and division) to perform calculations related to cash management and internal controls.
- Willingness to learn: Openness and eagerness to acquire knowledge and skills in the areas of internal controls and cash management, regardless of prior experience or background.
FAQ
- Q. How long do I have access to the course materials?
- A. You can view and review the lecture materials indefinitely, like an on-demand channel.
- Q. Can I take my courses with me wherever I go?
- A. Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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