A customer’s check received in settlement of an account receivable is considered cash.TrueFalseBusiness who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.TrueFalseFor strong internal control, system over cash, it is important to have the duties related to cash receipts and cash payments divided among different employees.TrueFalseWhen 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.TrueFalseIf 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.TrueFalseIf 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.TrueFalse

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5MC: There are several elements to internal controls. Which of the following would not address the issue...

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A customer’s check received in settlement of an account receivable is considered cash.
1. True
2. False
Business who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash.
1. True
2. 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.
1. True
2. 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.
1. True
2. 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.
1. True
2. 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.
1. True
2. False

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