ACCT 201 CH 6
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Created by:
fiifiilapin on November 3, 2011
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Chapter 6
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15 terms
Terms | Definitions |
|---|---|
 Internal Controls | polices and procedures used to provide reasonable assurance that the objectives of an enterprise will be accomplished |
| Accounting Controls | designed to safeguard company assets and ensure reliable accounting records |
| Administrative Controls | concerned with evaluating performance and assessing the degree of compliance with company policies and public laws |
| Separation of Duties | used as a deterrent to corruption |
| Quality of Employees | company is as good as employees |
| Bonded Employees | have access to the store |
| Fidelity Bond | insurance that protects a compay from losses caused by employee dishonesty |
| Required Absences | a week off so that a company can check up on you |
| Procedure Manual | appropriate accounting procedures are documented in this |
| Authority Manual | establishes a chain of command (specific and general authorizations) |
| Specific Authorization | applies to specific positions within the orginization |
| General Authority | different levels of management |
| Deposits in Transit | deposits that companies leave |
| Petty Cash Fund | small amount set aside for small purchases |
| Imprest Basis | the money distributed is periodically replenished |
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