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Cash Controls and Transaction Processing

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Cash Controls and Transaction Processing

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Questions and Answers

Which of the following is a reason why cash is considered the most liquid asset?

It is difficult to control

It is the medium of exchange (correct)

It is easy to steal

It is easy to conceal

What are the three key duties that smart managers separate in processing transactions?

Asset handling, recordkeeping, and transaction approval (correct)

Cash handling, bank deposits, and transaction recording

Accounting duties, cash payments, and bank accounts

Cash receipts, record alterations, and transaction control

Why is it important for businesses to deposit all cash receipts in the bank and make all cash payments through the bank?

To control cash (correct)

To avoid bank fees

To alter accounting records

To hide cash transactions

Why should no employee have responsibility for both handling cash and recording cash transactions in the accounting records?

<p>To prevent theft</p> Signup and view all the answers

What is one advantage of keeping cash in a bank account?

<p>Banks provide independent records of cash transactions</p> Signup and view all the answers

Cash Controls and Transaction Processing

Choose a study mode

Podcast

Questions and Answers

Which of the following is a reason why cash is considered the most liquid asset?

What are the three key duties that smart managers separate in processing transactions?

Why is it important for businesses to deposit all cash receipts in the bank and make all cash payments through the bank?

Why should no employee have responsibility for both handling cash and recording cash transactions in the accounting records?

What is one advantage of keeping cash in a bank account?

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