Indicate Whether Each of the Following Statements Regarding Internal Controls

question 96

True/False

Indicate whether each of the following statements regarding internal controls is true or false.
a)________ Cash receipts should be deposited in a bank when they reach a predetermined level of materiality.b)________ To improve operating efficiency, a company should make most of its disbursements using cash.c)________ Supporting documents should be reviewed by the check signer prior to signing the check.d)________ Supporting documentation should not be marked "paid" until the check clears the bank.e)________ All spoiled and voided checks should be shredded.

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Definitions:

Maltreated Child

A child who has experienced abuse, neglect, or other forms of maltreatment by a caregiver or significant adult.

Risk Assessment

The process of identifying, evaluating, and estimating the levels of risk involved in a situation, followed by the prioritization of risks based on the impact they might have.

Social Work

A profession concerned with helping individuals, families, groups, and communities to enhance their well-being and solve personal and societal problems.

Implementation

The process of putting a plan, decision, or policy into effect.