Discussion
• What are effective controls for cash and why are these controls considered to be effective?
• List the principles of internal control activities and describe one of the principles
• Define the five primary components of internal control systems.
• What are some of the internal control principles that surround the cash disbursement function?
• What are some of the components of a bank reconciliation? Why is one performed?
• What is a cash budget?
• What are some of the internal control principles that surround the cash receipts function?
• Describe the operation of petty cash. Is it still a necessary function considering the electronic world we are currently living?