Unit 5 discussion 1 | ACC100

ACC100

 

Unit 5 Discussion 1

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The goal of this discussion is to apply what you have learned while reading the chapter material and reviewing the PowerPoint presentation.

Keep in mind that this discussion question will help prepare you for future exams, so it is important that you understand the information and actively participate in discussions. To supplement your learning and enhance your understanding, you may also have to conduct research outside of course provided material.

Discussion Question Requirements:

1. In a minimum of a paragraph, answer the question.

2. Cite all sources – you must provide the exact link to the reference. Please keep in mind that citing sources does not mean you can copy and paste information from the source and use it as your own. You also cannot only change a few words from a source; all work must be in your own words. If copying/pasting is found or the submission is not in your own words, you will receive a zero, no exceptions. This also includes commenting on peers’ posts.

Please answer the following question(s):

Petty Cash is easily misappropriated if business processes and internal controls are not established and enforced. Provide and explain a minimum of four controls and/or concepts that will help a company ensure that its petty cash accounts are appropriately used and safeguarded?