Quiz 5

True or False

A reason to do bank reconciliation is that it may uncover irregularities such as employee theft of funds.

True or False

Accounts payable are the paid bills of the business; the money you paid to your suppliers and other creditors.

True or False

To reduce cash handling, alternate methods of payment should be offered to the business’s customers.

True or False

Cash transactions may be defined as all monies that are received in bank notes and coins, cheques, credit cards, money orders, bank transfers, etc.

True or False

You have 7 days from the date a periodic statement containing a problem or error was sent to you to notify your financial institution.

True or False

As part of your business operation you will also need to consider how you wish to accept payment and set-up the associated facilities.