Which statement about cash is not true?
A) A main goal of an internal control system is to protect assets other than cash.
B) Cash is the one asset that is readily convertible into any other type of asset.
C) Cash is easily concealed and transported and is highly desired.
D) Cash is the asset most susceptible to fraudulent activities.
Correct Answer:
Verified
Q2: The extent of internal control features adopted
Q6: Only large companies need to be concerned
Q9: Firms use physical controls primarily to safeguard
Q10: A highly automated computerized system of accounting
Q13: An effective system of internal control requires
Q15: Internal control is most effective when several
Q21: Collusion may result when one individual circumvents
Q28: Internal controls policies related to cash receipts
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Q31: Internal control consists of the plan of
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