Money orders are considered cash. True False A customer’s check received in settlement of an account receivable is considered cash. True False Business who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash. True False For strong internal control, system over cash, it is important to have the duties related to cash receipts and cash payments divided among different employees. True False When clerks enters sale and the customer can see the amount displayed and is given a cash receipt, this is an example of an example of a preventive control. True False If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortages have exceeded overages for the period. True False If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as an “other income” item on the income statement. True False An example of good internal controls over cash payments is the taking of all cash discounts offered. True False A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment. True False When the voucher system is used, the amount due on each voucher represents the credit balance of an account payable if the voucher is in full payment to the creditor. True False A voucher system is an example of an internal control procedure over cash payments. True False A voucher is written authorization to make cash payment. True False

Money orders are considered cash. True False A customer’s check received in settlement of an account receivable is considered cash. True False Business who have several bank accounts, petty cash, and...

Jun 10, 2022