Internal control of cash ensures that cash received is properly recorded and deposited.

Question

Quizplus · Accepted Answer

Internal control is the process of ensuring accuracy and reliability of financial information, safeguarding assets, and detecting and preventing fraud. Internal control of cash aims to ensure that all cash received by an organization is recorded properly and deposited in a timely manner through established procedures, such as separation of duties, reconciliations, and regular audits.

Internal Control of Cash Ensures That Cash Received Is Properly