Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions: 18

Answer

Companies make payments for expenses, purchases, assets and liabilities. It is always noticed that internal control over cash disbursement is more effective when companies pay by check, rather than by cash.

Work Step by Step

Only small amounts of daily expense can be paid out of petty cash.
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