Indicate Whether Each of the Following Statements Regarding Internal Controls

question 37

Short Answer

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 in currency instead of checks.
_____ c)Supporting documents are required when checks are presented to the check signer.
_____ d)Supporting documents should not be marked "paid" until the check clears the bank.
_____ e)All spoiled and voided checks should be shredded.