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True/False 1. 10. An effective system of internal control will segregate functions between individuals to reduce the potential for errors and fraud. True False When one individual is responsible for all of the related activities, the potential for errors and fraud is increased. True False Independent internal verification should be made periodically and should be done by an employee who is independent of the employee responsible for the information. True False The duties of receiving cash, recording cash receipts transactions. and having custody of cash should be assigned to a single capable individual. True False At the end of an accounting period, a debit balance of $99.00 in the Cash Over and Short account would be reported in the income statement as Miscellaneous Revenue. True False A check is a written order signed by the depositor directing the bank to pay a specified sum of money to a designated recipient. True False Cash proceeds collected by the bank for a depositor would be identified in the bank statement by a credit memorandum to explain the entry. True False The lack of agreement between the balance per books and the balance per bank is due to time tags and errors by either party. True False An outstanding check that was also outstanding the previous month should not be included in the reconciliation of the bank statement this month. True False A postage due expense of $4.75 would be paid out of petty cash and the entry to record the transaction would reduce the balance of the Petty Cash account by that amount. True False