TRUE/FALSE. Write T if the statement is true and F' if the statement is false. 1) Internal control is an organizational plan that ensures that the financial statements are prepared and submitted on time.
2) It is important for a business to identify policies which ensure that all customers are treated similarly and that results can be measured effectively.
3) All cash receipts should be deposited in the bank at the end of each week.
4) Companies receive cash either over the counter, through the mail, or by electronic funds transfer.
5) The security measures are the same for any type of cash receipts
6) A receiving report should be matched with the supplier invoice before a payment to the supplier is approved.
7) For good internal control over cash payments, the company officer approving a payment voucher should be the same as the person who ordered the goods. This ensures that the correct amount of cash is paid.