Indicate whether each of the following statements regarding internal controls is true or false.
-To improve operating efficiency, a company should make most of its cash payments using currency instead of checks

Question

Quizplus · Accepted Answer

Making most payments using currency is not a good internal control practice as it increases the risk of theft and fraud, and makes it difficult to track and reconcile transactions. Using checks or electronic payments provides a paper trail and greater accountability.

Indicate Whether Each of the Following Statements Regarding Internal Controls