How many of these are features of good internal control of cash payments?
$\bullet$Separation of record-keeping and the authority to sign cheques
$\bullet$The use of a business bank account allowing all major payments to be made by cheque or electronic transfer
$\bullet$Preparing regular bank reconciliation statements
$\bullet$The use of a petty cash fund to cover small incidental cash payments

Question

Quizplus · Accepted Answer

All four of these features are considered good internal control of cash payments. Separating record-keeping and authority to sign cheques ensures that there is a check and balance system in place. Using a business bank account ensures that major payments are easily traceable and auditable. Preparing regular bank reconciliation statements ensures that any discrepancies are identified and resolved quickly. Using a petty cash fund for small incidental cash payments helps to prevent misappropriation or misuse of larger funds.

How Many of These Are Features of Good Internal Control ∙\bullet∙

How Many of These Are Features of Good Internal Control $\bullet$