Multiple Choice - Choose the best option for the choices given. 1. Which are the...
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Accounting
Multiple Choice - Choose the best option for the choices given. 1. Which are the best guidelines for the responsible handling of cash? a) Petty cash should be taken directly from the cash register where cash sales are kept. b) Cash deposits to the bank should be made by the bookkeeper. c) The person recording cash transactions should not be handling the cash. d) The cashier should be responsible for recording cash transactions. e) All of the above. 2. The fundamental principles of internal control include which of the following: a) Maintain accurate records b) Insure assets and bond key employees c) Use technological controls d) Perform audits e) All of the above 3. The separation of duties involves dividing responsibility for the following: a) Custody, consent and culpability b) Custody, authorization and recording c) Recordkeeping, access and control d) Authorization, access and recording e) None of the above
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