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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The following are key controls over the purchasing and disbursement cycle except: A. Proper authorization of purchases B.Timely recording of transactions including independent review C. Proper authorization of disbursement D. Segregation of duties between the credit department and custody
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