Which of the Following Is not an Internal Control Procedure

question 137

Multiple Choice

Which of the following is not an internal control procedure for cash?

• A)Payments should be made with cash.
• B)There should be limited access to cash.
• C)The amount of cash on hand should be kept to a minimum.
• D)Cash should be deposited daily.

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Definitions:

Withdrawals

Money or other assets taken out from a business by its owner(s) for personal use.

Accounts Receivable

The financial claim a company holds against its customers for sales made on credit, indicating future cash inflows.

Account

A record summarizing all the transactions pertaining to a specific item in the financial statements.

Expenses Paid

Refers to the outflow of cash or other valuable assets from a person or company to another entity in exchange for goods or services.