The asset requiring the highest level of internal control is: A) Cash B) Accounts Receiv
The asset requiring the highest level of internal control is:
B) Accounts Receivable
D) Capital Assets
12) To maintain effective internal control, the majority of all payments in an organization should be made using cash.
13) Signature cards are one example of a bank account control document.
14) All cash receipts should be deposited for safekeeping in the bank.
15) One of the benefits of using cheques is the payment record it provides.
16) Purchasing agents should always receive goods and approve payments for those goods.
17) The sum of the cash in the petty cash fund and the total of the petty cash tickets should equal the opening balance in petty cash at all times.
18) Once a petty cash fund is established, no entry is made to the Petty Cash account except to change the total amou