ADMS 2500 Chapter Notes -General Ledger, Bank Statement, List Of The Shield Episodes

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Brian Gaber

Document Summary

Business must provide board of directors and bank with a copy of authorization on account and how many signatures are required to withdraw funds. Bank requires signing officers" those who are authorized to write cheques by signing a signature card". ~ cash in bank account money in the banks. ~ cash on hand money that hasn"t been deposited in the bank yet. ~ petty cash small amounts of currency used for small disbursements. Must control and handle recording of cash. When every movement of cash is recorded and traceable chances of theft are limited. Audit trail is the ability to track movements of cash through records. Important to list each receipt as soon as it"s received and identify the source of cash. Then cash can be co-mingled with other cash (mixed) in the bank account. Businesses design cash disbursements systems to prevent unauthorized payments. Bank"s recordkeeping can be used to check the record keeping of the business.