90. Indicate whether each of the following statements regarding internal controls is true or false.
_____ a) Cash receipts should be deposited in a bank on a periodic basis such as once a week.
_____ 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 be marked "paid" when the check is signed.
_____ e) All spoiled and voided checks should be defaced and retained.
91. Indicate whether each of the following statements is true or false.
_____ a) Debit memos in a bank statement describe transactions that increase the depositor's assets.
_____ b) Credit memos in a bank statement describe transactions that act to increase the bank's liabilities.
_____ c) Service fees charged by a bank appear on bank statements as debit memos.
_____ d) Deposits in transit appear on the bank statement as credit memos.
_____ e) Outstanding checks do not appear on the bank statement.