Accounting for Cash Control


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number


Overview/Description
Businesses operate on cash and strive to earn it. Cash can be defined as dollars and coins, checks, vouchers, and money orders. Accounting procedures are established to ensure that cash receipts and cash disbursements are protected. This course explores the accounting methods for internal control of cash such as petty cash, bank reconciliation, and payroll. Understanding the processing, recording, and safekeeping of cash are vital to the financial stability of a business.

Target Audience
Individuals who require knowledge of the basics of accounting, who are starting a business, who are learning to manage the accounting activities of a business, who need to review standard accounting principles and procedures, shareholders, or potential shareholders.

Expected Duration (hours)
3.0

Lesson Objectives

Internal Control

  • recognize the benefits of using an internal cash control system.
  • identify the main principles of internal control.
  • identify the procedures required in a voucher system.
  • apply internal control procedures for petty cash, given a scenario.
  • apply the steps to reconcile the bank balance, for a given scenario.

    • Calculating Payroll

  • recognize the importance of calculating payroll.
  • match the payment plans used to determine gross earnings to examples.
  • apply the steps to calculate gross earnings, for a given scenario.
  • distinguish between voluntary and required payroll deductions.
  • calculate the payroll deductions, for a given scenario.
  • apply the steps for calculating net earnings for a given payroll period.

    • Recording Payroll

  • recognize the benefits of recording the payroll.
  • calculate the column totals of a payroll register, for a given pay period.
  • calculate a given employee's cumulative earnings.
  • apply the steps to record the payroll, for a given scenario.

    • Course Number:
    FIN0124