Which of the following is an internal control procedure used to safeguard a company's assets?
A)Timely deposits of cash receipts into a checking account.
B)Separation of duties.
C)Reconciliation of the bank statement.
D)All of these answer choices are correct.

Question

Quizplus · Accepted Answer

All of these choices are internal control procedures used to safeguard a company's assets. Timely deposits of cash receipts into a checking account ensures that cash is not left lying around where it could be lost or stolen. Separation of duties ensures that no single person has complete control over a transaction from beginning to end, reducing the risk of fraud or error. Reconciliation of the bank statement ensures that the company's records of cash receipts and disbursements match the bank's records and helps detect errors or fraudulent activity.

Which of the Following Is an Internal Control Procedure Used