question archive Which statement about internal control for cash disbursements is false? A
Which statement about internal control for cash disbursements is false? A
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Which statement about internal control for cash disbursements is false?
A. All significant disbursements should be made by check.
B. Cash in the ledger should be reconciled to cash reported by the bank.
C. The individual responsible for signing checks should not also prepare the checks.
D. Petty cash receipts should be destroyed once paid.
E. None of these.
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The correct answer is D. Petty cash receipts should be destroyed once paid.
This is the false statement because petty cash receipts should not be destroyed since these are source documents for petty cash accounting transactions and should be kept.
