A good internal control to protect cash is to make cash payments usingMultiple choice question.checks or cashpetty cashcheckscash

Select all that applyGiven the choices below, choose the examples of internal controls designed to control cash payments.Multiple select question.Use of a voucher system.The person in charge of purchasing and receiving should be the only person authorized to pay.Only authorized individuals should be allowed to sign checks.Use of a petty cash system.All payments should be made by check.

To maintain control of cash payments, all payments should be made by check exceptMultiple choice question.large payments made by petty cashemployee paychecks made by cashsmall payments made by petty cashpurchases of equipment made by cash

Select all that applyIdentify the basic internal control guidelines which should be in place to protect a business's cash by selecting the correct answers below.Multiple select question.Excess cash should be left in the bank to maintain liquidity.Bills should be paid immediately.Handling cash is separate from recordkeeping of cash.Cash receipts are promptly deposited in a bank.Cash payments are made by check.

A good internal control system would require that the employee who handles cash must not be involved inMultiple choice question.the accounts payable function.daily operations of the company.reconciling the bank statement.hiring decisions.

Which of the following is a suggested procedure to establish internal control over cash disbursements?Select answer from the options belowApproval and payment should be made by a single individual only.Any employee should be able to sign the cheques.Blank cheques should be stored with limited access.The bank statement should be reconciled annually.