Which of the following is a key element of internal control over cash payments?
A)periodically reconciling the cash account balance on the company's books to the bank statement balance
B)making daily bank deposits
C)requiring that all petty cash vouchers be approved by two signatures
D)authorizing and verifying that all cash received is recorded daily

Question

Quizplus · Accepted Answer

Reconciling the cash account balance on the company's books to the bank statement balance is a key element of internal control over cash payments. It helps ensure that all cash payments are properly recorded and unauthorized transactions are identified.

Which of the Following Is a Key Element of Internal