Accounting Information System

One of the most important operational resources a company possesses is undoubtedly cash. Often regarded as the lifeblood of corporate activity, cash systems (especially cash receiving systems) are surrounded by elaborate internal control procedures, often based on the separation of operational duties between a range of company employees and the control of cash receiving documentation.

Required

(a) Describe the documentation you would expect to find in an operationally controlled cash receiving system of a medium-sized retailer and briefly explain the purpose of the documentation you have described.

(b) With the aid of a columnar documentary flowchart illustrate how the separation of duties between company employees can be used to reduce the potential of cash fraud occurring. (In your flowchart you must use all the documentation you have described above.)

Solution:

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