Answer:
Items of Cash : Cash and Till float
Risks : Fraud and Theft
Controls : Segregation of duties over the receipt and recording of money and Every cashier should only be responsible for his own funds.
Test of Controls : Do a surprise cash count and Enquire about and observe the controls over cash by management
Explanation:
Bank and cash transactions occur on a daily basis in all businesses. Although the cash and bank balances may not individually be significant, annually the volume of cash and payment transactions and bank deposits can be significant to the entity.
Items of Cash
Cash balances comprise the following:
Risks
Cash is highly susceptible to fraud and theft by employees, often in collusion with third parties.
To mitigate this risk related to cash balances, management will usually implement strict control policies and procedures for cash handling and recording.
Controls in the bank and cash cycle can be divided into 2 categories:
Basic Controls
- Segregation of duties over the receipt and recording of money.
- Different forms of cash (sales, petty cash, cash loans) should be kept separately and recorded separately.
- Proper stationery control. Receipts, cash sales slips/invoices must be numerically recorded
- Safeguarding of money. Cash must be locked in a Volt and deposited as soon as possible. You would also need control over the key to the Volt.
Control over Cash
- Cashier must balance cash on a daily basis and must compare it with the source documents (receipt, cash invoices, cash register totals) and record it on a cash receipt summary. The Cash Receipt Summary must be Signed by the Cashier, Independently reviewed by the Senior Official.
- Every cashier should only be responsible for his own funds. Usually during lunch. Cash registers must be locked away.
- Every cashier should be responsible for his own float. They should lock in Cash Drawer.
- Supervision over cashiers. Through the use of Cameras.
- Cash must be banked as soon as possible.
Audit approach for testing these accounts
- Enquire about and observe the controls over cash by management.
- Do a surprise cash count (also attend on a surprise basis the daily balancing of cash). In the presence of a Cashier who signs back of the receipt, agree the cash with the supporting documentation (receipts, cash invoices, cash register total) and follow the float through to the balance in the ledger.
- At a later stage follow the cash counted through to deposit slip, and agree it with the cash counted, ensure they are banked timeously and follow the total of the deposit slip through to the cash book and bank statement.
Answer:
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In the critical incident method, the manager keeps a written record of both favorable and unfavorable actions performed by an employee during the entire rating period.
<h3>What is critical incident method?</h3>
Critical incident method is an appraisal methods used for an employee.
The technique helps to check and analyze the behavior of an employee in a given company over a period of time.
This record can help to take critical actions and make important decision regarding the employee. It can also serve as pointer and reference for future decision.
Therefore, In the critical incident method, the manager keeps a written record of both favorable and unfavorable actions performed by an employee during the entire rating period
Learn more on critical incident below
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Answer:
Total manufacturing overhead cost will be closest to 61,340
Explanation:
As we can see there is not step-up fixed cost that is no additional fixed cost will incurred upon producing extra units, therefore fixed cost will remain same that is 37,820.
Variable overhead cost will increase with increase in units therefore, variable cost for producing 14,700 units will be 1.6 x 14,700 = 23,520.
To find total overhead cost we will simply add fixed and variable overhead cost:
Total overhead cost = fixed overhead cost + variable overhead cost
Total overhead cost = 37,820 + 23,520
Total overhead cost = 61,340
