Internal control over a company's assets should include the following procedures:
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 these answers are correct.

Question

Quizplus · Accepted Answer

All three procedures are important for the internal control over a company's assets. Dividing responsibilities and duties of employees helps prevent fraud and errors, depositing cash receipts the same day they arrive reduces the risk of theft, and making cash payments by check (except for petty cash) provides documentation and accountability. Therefore, all of these answers are correct.

Internal Control Over a Company's Assets Should Include the Following