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Why is it important to require that all cash receipts be deposited daily in bank accounts? The statement of cash flows cant be prepared until

Why is it important to require that all cash receipts be deposited daily in bank accounts?

  • The statement of cash flows cant be prepared until cash deposits are made daily.
  • Banks require daily cash deposits in business bank accounts in order to keep the accounts open.
  • A large accumulation of cash can tempt even the most trusted employee.
  • No revenue can be recognized until the cash is deposited in the bank.

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