An Application of Good Internal Control Over Cash Disbursements Is

question 37

Multiple Choice

An application of good internal control over cash disbursements is

• A)following payment, the approved invoice should be stamped "paid".
• B)blank checks should be stored in the treasurer's desk.
• C)each check should be compared with the approved invoice after the check is issued.
• D)check signers should record the cash disbursements.

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Definitions:

Worksheet

A document or tool used by accountants to draft unadjusted trial balances, adjusting entries, adjusted balances, and financial statements.

Worksheet

A paper or digital document used to organize and simplify complex accounting tasks, calculations, or plans.

Adjustment Process

A series of steps taken at the end of an accounting period to prepare financial statements, involving recording and updating entries.

Generally Accepted Accounting Principles

The common set of accounting principles, standards, and procedures that companies use to compile their financial statements.