Mobile payment systems such as Square, Paypal, Venmo, Apple Wallet among others are becoming popular to record business transactions, and transfer payments to or from bank accounts. Along with mobile payment system, debit and credit cards, actual cash transactions are declining. How much does a person rely on cash for some of their transactions? How can financial transactions be audited when using mobile payment systems?

Mobile payment systems such as Square, Paypal, Venmo, Apple Wallet among others are becoming popular to record business transactions, and transfer payments to or from bank accounts. Along with mobile payment system, debit and credit cards, actual cash transactions are declining. How much does a person rely on cash for some of their transactions? How can financial transactions be audited when using mobile payment systems?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9MC: What is the advantage of using technology in the internal control system? A. Passwords can be used...

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Now with mobile payment systems such as Square, Paypal, Venmo, and Apple Wallet are becoming popular to record business transactions, and transferring payments to or from bank accounts. Along with mobile payment systems, debit and credit cards, actual cash transactions are declining, how much does a person rely on cash for some of their transactions? How can financial transactions be audited when using mobile payment systems?
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