Which of the following is a key element of internal control over cash payments?
A) periodically reconciling the cash account balance on the company's books to the bank statement balance
B) making daily bank deposits
C) requiring that all petty cash vouchers be approved by two signatures
D) authorizing and verifying that all cash received is recorded daily
A
You might also like to view...
Oregon Company is preparing its statement of cash flows using the indirect method. During the year, the company purchased equipment for $15,000 cash. Which of the following statements is TRUE?
A) $15,000 would be shown as a negative cash flow in the operating activities section. B) $15,000 would be shown as a negative cash flow in the investing activities section. C) $15,000 would be shown as a positive cash flow in the investing activities section. D) $15,000 would be shown as a positive cash flow in the financing activities section.
The Federal Trade Commission (FTC) holder in due course (HDC) rule applies when a buyer ________
A) signs a sales contract that includes a check B) signs a sales contract that includes a promissory note C) signs an installment sales contract that does not contain a waiver of defenses clause D) arranges financing with a third-party lender
Acceptance of goods precludes the buyer or lessee from revoking his or her acceptance.
Answer the following statement true (T) or false (F)
______ is known as a statistical measure and as a business process improvement initiative that uses statistical methods.
a. TQM b. Reengineering c. Six Sigma d. Transorganization development