Question

Internal control over a company’s assets should include the following policy A responsibilities and duties of...

Internal control over a company’s assets should include the following policy
A responsibilities and duties of employees will be divided
B all cash receipts will be deposited into the bank the same day they arrive
C all cash payments will be made by check (except petty cash)
D all of the above
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Answer #1

Answer is D. All of the above.

Explanation:

For employing the internal control over the assets of the company, the responsibility shall be assigned to each employee for safeguarding the company assets. Apart from the all the cash receipts shall be daily deposited into bank and payments shall be made through is also an internal control procedure followed so as to keep minimum cash balance in hand which will result in safeguard of cash assets which is more prone to risk than any other assets.

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