Internal controls policies related to cash payments include the following:

Question

Quizplus · Accepted Answer

All of these internal control policies relate to cash payments and are important to ensure that cash is handled properly and there is no fraud or misappropriation of funds. Using cash or EFT instead of cash ensures that there is a record of the payment, while designating specific personnel to sign checks and having a separation of duties between the preparer and signer of checks helps prevent fraud or errors.

Internal Controls Policies Related to Cash Payments Include the Following