Answered: Due to lack of employees, internal…

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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11.

Due to lack of employees, internal control is seldom strong in small businesses; as example specific practices for small businesses should be:

Select one:
a. All mentioned is correct
b. Make all payments by serially numbered checks with exception of petty cash disbursements
c. Record all cash receipts immediately and deposit all cash receipts intact daily
d. Reconcile bank accounts monthly and retain copies

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