The principle that receipts should be banked daily and all payments made by cheque or electronic transfer

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‘The principle that receipts should be banked daily and all payments made by cheque or electronic transfer provides a sound basis for internal control over cash. But it breaks down immediately when cash is given to a junior employee to spend through the petty cash fund.’ Discuss this statement.

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Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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