Payments by EFT are an important internal control for all of the following reasons EXCEPT for:
A)the EFTs provide a record of the payments.
B)the EFT must be authorized by an authorized official.
C)all EFT payments are made by the cashier in the Accounting Department.
D)before authorizing the EFT,the authorized official should study the evidence supporting the payment.

Question

Quizplus · Accepted Answer

The statement "all EFT payments are made by the cashier in the Accounting Department" is incorrect. EFT payments can be made by various departments or individuals authorized to make payments, and do not necessarily have to be made by the cashier specifically.

Payments by EFT Are an Important Internal Control for All