Which of the following is the most basic internal control for cash?
A)Keeping money in a bank account
B)Counting cash receipts twice
C)Internal audit of cash procedures
D)Checking for counterfeit bills

Question

Quizplus · Accepted Answer

Keeping money in a bank account provides a basic internal control for cash as it reduces the amount of physical cash on hand and increases the level of security for the cash. It also provides an audit trail for transactions and facilitates the monitoring of cash inflows and outflows. Counting cash receipts twice, internal audits of cash procedures, and checking for counterfeit bills are also internal controls for cash but may be considered more advanced or complementary controls.

Which of the Following Is the Most Basic Internal Control