Page 229 - F1 - AB Integrated Workbook STUDENT 2018-19
P. 229
Financial systems and procedures
Cash Safeguard ensuring cash is kept safe from theft
company’s assets
Efficiency ensuring cash is banked promptly, so as to gain
interest
Prevent fraud ensuring employees do not claim for expenses
not incurred
Prevent errors ensuring the entries in the cash book are correct
Inventory Safeguard ensuring inventory is kept free from damage
company’s assets
Efficiency ensuring inventory is only produced when it can
be sold quickly
Prevent fraud ensuring inventory cannot be stolen by
employees
Prevent errors ensuring costs of finished goods are calculated
properly
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