Essays on Petty Cash

Charity 1: School PTA

The Parent Teachers Association in focus is a charitable school organization in a primary school. It is made up of volunteers who consist of parents, guardians, alumni and teachers who come together to generate resources for school programs, events or the acquisition of resources that are not included or planned for in the school budget. The PTA’s committee is made up of five executive members and other volunteers selected during the School’s Annual General Meeting held every September. The Executive position on the PTA Board include; the Chairperson, Vice Chairperson, Secretary, Treasurer and the Vice Treasurer. The ...

LJB Company needs to be cognizant of the Sarbanes Oxley Act provisions which demand for the application of corporate ethics even in the area of internal controls. For that reason, before the company goes public, it must take note of the demands by the Securities and Exchanges Commission in respect of public companies. Additionally, the policies and operating framework of the company must conform to the standards set out by the Sarbanes Oxley Act which in summary demand for sufficient internal controls to be implemented by public entities. Some of the new internal controls that the company would ...

In a building and construction business, proper financial management is essential for the smooth of running of the business and achievement of profits. The essence of financial management is in proper record keeping. The table below shows the basic records that are a must in any business, the person responsible, frequency, review process, and why the record.

RECORD

PERSON RESPONSIBLE

WHEN TO BE PREPARED (FREQUENCY)

REVIEW PROCESS

WHY YOU NEED RECORD

Petty Cash

Accounts Clerk

Weekly

Manager reviews the petty cash system on a quarterly basis so as he can balance and reimburse money in the office.

Certify that minor purchases not ...

Debtors’ system

The debtors’ system will be the responsibility of the business accountant.

The debtors’ system will be used to develop debtors’ records at the end of each month.

The debtors’ system will be reviewed at the end of each month to ensure that the level of debtors is within the business allowable limits and to ensure that the risk of bad debts is minimized.

Cash book

The cash book will be the responsibility of the accounts clerk.

The cash book will be reconciled at the end of each working week and reconciliations with cash in hand and cash in bank made. ...

Debtors filling system will be the responsibility of the accounts clerk and is prepared when the business is preparing and updated on a weekly basis. The records are prepared and recorded in the debtors’ accounts. The debtors’ accounts may either be debtors’ receivables or the debtors’ payments accounts and this is determined by the payment method of the debtors. The accounts are usually reviewed either on quarterly basis or annually depending on the volume of work carried out by a business. They may also be reviewed when an audit is being carried out and this has no specific time, since it ...