ACCT 2220 Chapter 7: Accounting Chapter 7
31 Mar 2016
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Document Summary
Internal control: all methods and measures adopted within a company to help achieve reliable. Control activities: backbone of efforts to control and address risks, what methods are used depends on management assessment of risks, and the size/nature of company. Physical controls: used to safeguard assists and enhance reliability of accounting records. !1: ex. safes, vaults, locking buildings, passwords, alarms, sensor tags, tv monitors, time. Monday, november 16, 2015 clocks recording time worked etc: also insure assets. Nancial statements fairly represent its nancial position: all companies are required to do this. Human resource controls: conducting thorough background checks, bonding of employees who handle cash (insurance protection against theft, rotating employees" duties and requiring employees to take vacations. Over-the-counter receipts: using point-of-sale software, cash registers have oats, and sales are recorded with barcodes during purchase at end of night oat is returned and sales are collected.
