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Fundamental Accounting Principles Study Set 5
Quiz 8: Cash and Internal Controls
Electronic Funds Transfer (Eft) Is the Electronic Transfer of Cash
Question 20
True False
Electronic funds transfer (EFT) is the electronic transfer of cash from one party to another.
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Q 21
Cancelled checks are checks the bank has paid and deducted from the customer's account during the period.
Q 22
A check involves 3 parties: the maker who signs the check, the payee who is the recipient, and the bank on which the check is drawn.
Q 23
Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements.
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