Name four internal controls specific to the cash account
What will be an ideal response?
Four internal controls specific to the cash account include the following:
1. The receipt and disbursement of cash should be separated.
2. All receipts should be deposited intact every day.
3. All major cash disbursements should be made by serially numbered checks and require proper authorization.
4. Bank accounts should be reconciled monthly.
5. Different individuals should handle cash and have access to the accounting records.
Business
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