Writing Cheques Instead of Using Cash Would Be a Proper

question 52

True/False

Writing cheques instead of using cash would be a proper internal control procedure.

---

Definitions:

Social Insurance Taxes

Taxes collected from employees and employers to fund government social insurance programs, such as Social Security and Medicare.

Social Security

A government program that provides financial assistance to people who are retired, disabled, or survivors of deceased workers, funded through payroll taxes.

Medicare

A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.

Payroll Tax

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.