{"id":32739,"date":"2024-04-15T09:06:07","date_gmt":"2024-04-15T09:06:07","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32739"},"modified":"2024-04-15T09:06:07","modified_gmt":"2024-04-15T09:06:07","slug":"to-verify-cash-transactions-what-is-necessary","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/to-verify-cash-transactions-what-is-necessary\/","title":{"rendered":"To verify cash transactions, what is necessary?"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a99514b7526e\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    System of internal control                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Check all transactions                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Documentary evidence for every transaction                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    All of the above                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is D. All of the above.<\/p>\n<p>A system of internal control is a set of policies and procedures designed to ensure the accuracy and reliability of financial reporting, the effectiveness and efficiency of operations, and the compliance with applicable laws and regulations.<\/p>\n<p>Checking all transactions means reviewing all cash receipts and disbursements to ensure that they are properly recorded and authorized.<\/p>\n<p>Documentary evidence is any document that supports a financial transaction, such as invoices, receipts, and bank statements.<\/p>\n<p>All of these are necessary to verify cash transactions. A system of internal control helps to ensure that transactions are recorded accurately and that there are no unauthorized transactions. Checking all transactions helps to identify any errors or irregularities. Documentary evidence provides proof of the occurrence of a <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> transaction.<\/p>\n<p>Here are some additional details about each of the options:<\/p>\n<ul>\n<li>A system of internal control is a set of policies and procedures designed to ensure the accuracy and reliability of financial reporting, the effectiveness and efficiency of operations, and the compliance with applicable laws and regulations. A well-designed system of internal control can help to prevent fraud and errors, and can also help to ensure that the company&#8217;s financial statements are accurate and reliable.<\/li>\n<li>Checking all transactions means reviewing all cash receipts and disbursements to ensure that they are properly recorded and authorized. This includes reviewing invoices, receipts, and bank statements to make sure that they are accurate and that the transactions are properly authorized. Checking all transactions can help to identify any errors or irregularities, and can also help to prevent fraud.<\/li>\n<li>Documentary evidence is any document that supports a financial transaction. This includes invoices, receipts, bank statements, and other documents that provide evidence of the occurrence of a transaction. <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> Documentary evidence is important because it can be used to verify the accuracy of financial records and to investigate any errors or irregularities.<\/li>\n<\/ul>\n<p>In conclusion, all of the options are necessary to verify cash transactions. A system of internal control helps to ensure that transactions are recorded accurately and that there are no unauthorized transactions. Checking all transactions helps to identify any errors or irregularities. Documentary evidence provides proof of the occurrence of a transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[698],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>To verify cash transactions, what is necessary?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/to-verify-cash-transactions-what-is-necessary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"To verify cash transactions, what is necessary?\" 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