Which of the following is/are true?
A)The primary goal of internal controls for cash payments is to ensure that the business pays all transactions.
B)The primary internal control goal for cash receipts is to ensure that the business receives the appropriate amount of cash and safely deposits it in the bank.
C)The operating cycle is a series of activities that a company undertakes to generate returns and,ultimately,revenues.
D)All of the choices are correct.

Question

Quizplus · Accepted Answer

The primary internal control goal for cash receipts is to ensure that the business receives the appropriate amount of cash and safely deposits it in the bank. This ensures that cash is properly accounted for and reduces the risk of theft or loss. Option A is incorrect because the primary goal of internal controls for cash payments is to ensure that all transactions are authorized, valid, accurate, and recorded properly. Option C is incorrect because the operating cycle is a series of activities that a company undertakes to generate returns and cash flows, but not necessarily revenues specifically. Option D is incorrect because option A is incorrect.

Which of the Following Is/are True