Which of the following is/are true? Multiple Choice The primary goal of internal controls for cash payments is to ensure that the business pays all transactions The primary internal control goal for cash receipts is to ensure that the business receives the appropriate a and safely deposits it in the bank. The operating cycle is a series of activities that a company undertakes to generate returns and, ultimately, Cash poses a low risk of theft.

Which of the following is/are true? Multiple Choice The primary goal of internal controls for cash payments is to ensure that the business pays all transactions The primary internal control goal for cash receipts is to ensure that the business receives the appropriate a and safely deposits it in the bank. The operating cycle is a series of activities that a company undertakes to generate returns and, ultimately, Cash poses a low risk of theft.

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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What types of policies, procedures and controls can companies put in place to safeguard, reconcile and trace cash?
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An accounting manager, who has full access to a Company’s accounting system also has access to the bank account and is able to send cash payments without supervision. What is an internal control that should be implemented to reduce the risk of theft or fraud in this company?
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