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Identify each of the following statements as either true or false. a. To reduce theft, the salesclerk should not have access to the accounting records
Identify each of the following statements as either true or false. a. To reduce theft, the salesclerk should not have access to the accounting records for cash sales. b. A guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records. c. A guideline for safeguarding cash is that all cash receipts be deposited monthly or yearly. d. Good internal control is to have only one employee be assigned the task of opening mail. For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required: Items Bank or Book Addition or Subtraction Adjusting entry required a. Minimum balance bank fee b. NSF check from customer c. Outstanding check written to supplier d. Bank maintenance fee e. Deposit in transit from insurance company f. Check printing bank fee g. Bank service charges
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