Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
State weather the statement is true or false if it's false explain why
Transcribed Image Text:5. Bank reconciliation statements need only be drawn up every six months.
6. Cheque books should be kept in a locked safe as a preventive control.
7. A blank cheque can be signed to replenish the petty cash fund if it is
handed to the custodian.
8. All cash receipts should be stored in the cash register and deposited at the
n end of the week, in order to make fewer trips to the bank.
9. Separation of duties is a vital part of internal control procedures.
10. Any employee of a business should be able to buy assets for the business.
11. Keeping personnel files in a locked filing cabinet is a corrective control.
12. To save time, the employer should ask the wage earners to keep a record of
the time worked during the week and then pay them accordingly.
3.If there is not enough money in petty cash, the custodian should take
money from the cash register.
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