Asked by Neisha Dressler on Jun 12, 2024
Verified
Depositing all cash, checks, etc., in a bank and paying with checks is an internal control procedure over cash.
Internal Control
Policies and procedures implemented by a firm to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
- Recognize the role and importance of internal controls over cash.
Verified Answer
HM
Hayro MoralesJun 12, 2024
Final Answer :
True
Explanation :
Depositing all cash, checks, etc., in a bank and paying with checks is a common internal control procedure over cash to ensure that all transactions are recorded and tracked.
Learning Objectives
- Recognize the role and importance of internal controls over cash.