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Describe the measures for internal budget control

      

Describe the measures for internal budget control.

  

Answers


Simon
• Receipt books. This records all monies received in the institution and must be printed and duplicated.

• Ledger. Transactions are extracted from the cash book and recorded against the relevant vote head.

• Cashbook. All financial transactions in respect to receipts, payments and banking should be recorded here.

• Journal. This contains financial events or transactions as they occur on a daily basis.
• Commitment register/vote book. This helps in verifying the amount of money available in each vote head.

• Inventory. This is a stock register of both permanent and expendable stores. It helps to identify the actual amount and location of a purchase or an equipment.

• Payment voucher. This contains a brief narration of reasons for payment. It includes name. ID number, date, invoice number, amount paid, cheque number and vote head charged.

• Monthly trial balance. This is a document which enables an organization to ascertain the accuracy and objectivity of financial accounting.

• Yearly balance sheet. This is a summary of ledger account balances remaining in books of accounts at the end of the year.
skilled writter answered the question on April 23, 2018 at 18:28


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