identify what type of internal controls would ensure proper classification of cash equivalents

Expert Solution

SOLUTION:- Internal controls would ensure proper classification of cash equivalents that are given below:-

1- Ensure proper submission of cash receipts into authorized RF,UBF,FSA bank account.

2- State and UFB Credited amount is banned with respect to separately installed bank accounts.

3- Isolated RF bank accounts should be installed for exclusive programs with sanction of RF functioning manager.

4- Organize inscribed course of action for debit and credit of cash amount or check.

5- Penetration with respect to check and cash should be limited to person having proper authentic financial accountability.

6-Ensure purely lettering of all cash credit transactions along with proper documentation of receipt.

7- Ensure preservation to all cash & checks via storing in keyed place till the credit procedure is done and instantly authenticate all checks in restricted manner.

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ekkarill92 answered 1 year ago

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