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A good system of internal control for cash provides adequate procedures for protecting both cash...

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Accounting

A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements. Identify which one of following statements is true regarding this protection.

1. A basic guideline for safeguarding cash is to require all cash disbursements be made by check.

2. A basic guideline for safeguarding cash is to require all cash disbursements be made in cash.

3. A petty cash system of control is not an adequate control system to safeguard cash disbursements.

4. A basic guideline for safeguarding cash is to have separate bank accounts for cash receipts and cash disbursements.

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