Establishment of Responsibilities and Documentation for Internal

School: Azusa Pacific University - Course: ACCT 512 - Subject: Accounting

A. B. The internal control principles include: Establishment of responsibilities, since th ones who have access to the cash. The second one is Documentation where th Segregation of duties where the cashier recevies cash. The doorsperson would department would record the cash. Indepentend internal verification since the verifies the deposit slip taken from the manager and initialed. A phsyical contro a safe to store the cash, and a locked box of th If the doorsperson decided to collaborate to misappropriate cash, the doorstop w sell the tickets at a lower cost than they are currently charging and the doorsper he cashiers are the ones who sell tickets. The cashier and manage should be the he tickets are prenumbered. Deposit slips and cash count sheets are prepared. admit customers, where the manager has custody of the cash. The accounting e manager performs the cash count at the end of each shift. The treasuer then ol is used for mechancial and electronic machine utilized for issuing tickets. With he tickets to the already admitted customers. would not tear the tickets, but instead resell them. That way the cashier could rson would allow them entrance. 1 Procedures for documentation The tickets should have been numbered. That way the pupils would be held acco There should have been a record of which students took which classes. The pers Separate students should have been able to sell the tickets, collect the money, a 2 Establishment of responsibilities and physical controls The tickets should have not been lefr on the counter on his desk in an unlocked ountable and responsible for the tickets that were numbered. son in charge should have been able to know how many tickets sold and how many were taken and inform Grant of the unsold tickets.