QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. A good internal control is to require that all cash receipts be deposited daily. Good...

Extracted text: QS 6-4 Internal control for cash LO P1 Identify each of the following statements as either true or false. a. A good internal control is to require that all cash receipts be deposited daily. Good internal control for cash is to require all cash payments be made by check. An exception is small payments made from petty b cash. c. A petty cash system of control is a system used only for cash receipts. d. A guideline for safeguarding cash is that all cash receipts be deposited monthly or yearly.