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.

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.