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Identify each of the following statements as elther true or false. a. It is good internal control for the recordkeeper to be in charge of writing and signing checks when the owner is out of town. b. A petty cash system of control is a system used only for cash receipts. c. A good internal control is to require that all cash receipts be deposited daily. d. To reduce theft, the salesclerk should not have access to the accounting records for cash sales.

Identify each of the following statements as elther true or false. a. It is good internal control for the recordkeeper to be in charge of writing and signing checks when the owner is out of town. b. A petty cash system of control is a system used only for cash receipts. c. A good internal control is to require that all cash receipts be deposited daily. d. To reduce theft, the salesclerk should not have access to the accounting records for cash sales.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 57BPSB
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QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. It is good internal control for the recordkeeper to be in charge of writing and signing checks when the owner is out of town. b. A petty cash system of control is a system used only for cash receipts. c. A good internal control is to require that all cash receipts be deposited daily. d. To reduce theft, the salesclerk should not have access to the accounting records for cash sales. < Prev 2 of 5 曲 Next > MacBook Air
Transcribed Image Text:QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. It is good internal control for the recordkeeper to be in charge of writing and signing checks when the owner is out of town. b. A petty cash system of control is a system used only for cash receipts. c. A good internal control is to require that all cash receipts be deposited daily. d. To reduce theft, the salesclerk should not have access to the accounting records for cash sales. < Prev 2 of 5 曲 Next > MacBook Air
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