Inventory and Cash Control Examples and Best Practices
Not what you're looking for?
Includes examples of internal inventory control and cash along with cash documentation procedures. Best practices included.
Purchase this Solution
Solution Summary
Some examples of internal control for inventory and cash, including: best practices, recording, identifying assets, separaton of duties, Review and reconciliation, proper documentation.
Solution Preview
Some examples of internal control for inventory:
> Verifying cash collections and daily balancing reports.
> Approving purchase requisitions or purchase orders.
> Approving time sheets, payroll certifications, leave requests and cumulative leave records.
> Approving change orders, computer system design or programming changes.
Additional Interal Controls for Inventory:
There are written procedures for purchasing, receiving, recording assets, and inventory management
Asset records properly classify and identify the assets
Assets are tagged when received
Physical asset inventories are actually performed
Physical inventories of assets are performed when transition of employee asset custodians occurs
Missing assets are logged in a missing asset log
Documentation is prepared when assets are received, sold, moved, transferred, damaged, or disposed of
Asset reconciliations are actually performed
Asset additions are properly valued
Asset capitalization includes costs required to place the asset in service including (direct costs, preparation costs, fees, damages, interest, etc.)
Assets gains and losses are properly recorded
Assets are adequately insured
Internal Controls and ...
Purchase this Solution
Free BrainMass Quizzes
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Learning Lean
This quiz will help you understand the basic concepts of Lean.