FNSACC311 Process Financial Transactions And Extract Interim Reports - Assessment Questions

Part 4: Knowledge questions:

Provide your responses to the following short answer questions in relation to the control of cash.
1. According to Janes Design World policies and procedures, what should happen to the deposit slip once the monies have been deposited at the bank?

2. In relation to the daily banking of cash receipts, explain three (3) security measures widely accepted by industry that a business can implement.
Which of these has been adopted in Jane’s Design World policies and procedures?

3. If you have deposited funds via the ATM machine rather than over the counter in the bank branch,
a) what form of evidence will you receive for your records?
b) What type of safety procedures would you adopt if depositing at the ATM?

4. Janes is happy to accept cheques as payment for amounts owing to his business. Before accepting the cheques what should you check to ensure they are valid and accurate?

5. Jane has set up electronic banking for payments to accounts payable at the end of the month. As this is a new process, the policies and procedures will need to be updated.
What security measure can he put in place to ensure only valid payments are made? (refer to any of the following website for guidance with this question.