The least crucial element of control over cash isSelect one:a.Batch processing of checks.b.Preparation of the monthly bank reconciliationc.Separation of cash receipts from cash disbursements.d.Separation of cash record keeping from custody of cash.

Which of the following is not a universal rule for achieving control over cash?Select one:a.Separate the cash-handling and record-keeping functions.b.Decentralize the receiving of cash as much as possible.c.Deposit each day’s cash receipts by the end of the day.d.Have bank reconciliation’s performed by employees who do not handle cash.

hich of the following is an internal control for checks received through the mail?Multiple ChoiceThe cashier prepares a journal entry to record price, quantity sold, and cash received.The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank.The accounting department compares the cash in the register with the cash count sheet.The mail clerk gives checks and money orders to the person who makes the bank deposit.

Select all that applyEffective internal control over cash requires segregation of duties. Which of the following duties should be segregated?Multiple select question.Accepting credit cards and accepting cashOpening the mail and deposit of checks in the bankOpening the mail and making a list of checks receivedDepositing checks into the bank and recording receipts in the accounting records

Select all that applyIdentify the examples of good internal controls designed to protect cash received in the mail.Multiple select question.The cashier records the amounts received in the accounting records.The bank balance is reconciled by the person(s) opening the mail.The recordkeeper and the person who reconciles the bank balance do not have access to cash.Two people are assigned the task of, and are present for, opening the mail.

Which of these is an important internal control over cash payments?Question 3Answera.stamping invoices PAIDb.paying creditors dailyc.using a cash register for all paymentsd.not making any payments out of petty cash