Answered: A basic procedure of internal control…

A basic procedure of internal control over cash receipts is that the deposit of the cash and the recording of the receipts into the journal should be separated. a. True b. False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A basic procedure of internal control over cash receipts is that the deposit of the cash and the recording of the receipts into the journal should be separated.

a. True

b. False

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in testing controls over cash disbursements, an auditor most likely would determine that the person who signs the check also : a. Approves the voucher for payment b. stamps, perforates or cancel supporting documents c. is denied access to supporting documents d. returns the check to accounts payable
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