QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. A good internal control is to require that all cash receipts be deposited daily. Good internal control for cash is to require all cash payments be made by check. An exception is small payments made from petty b. cash. c. A petty cash system of control is a system used only for cash receipts. d. A guideline for safeguarding cash is that all cash receipts be deposited monthly or yearly.

QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. A good internal control is to require that all cash receipts be deposited daily. Good internal control for cash is to require all cash payments be made by check. An exception is small payments made from petty b. cash. c. A petty cash system of control is a system used only for cash receipts. d. A guideline for safeguarding cash is that all cash receipts be deposited monthly or yearly.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 27CYBK

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3:12 ull 4G O Not Secure - moodle.asu.edu.om 50 11 P Flag question Which one of these principles is considered for cash disbursement control: Select one: a. Rarely compare checks to invoices b. Print check amount by machine c. Same staff approve and make payment d. Reconcile bank statement annually Previous page Next page ( Recievable Practice Problems Answers Jump to...