True or false. A deposit ticket is a document that instructs a bank to pay the designated person a specified amount of money.

True or false. The SarbanesOxley Act requires all private companies in the United States to maintain an internal control system.

True or false. For good internal control over cash payments, the company officer approving a payment voucher should be the same as the person who ordered the goods. This ensures that the correct amount of cash is paid.

True or false. Internal control is an organizational plan that ensures that the financial statements are prepared and submitted on time.

True or false. Evaluated receipts settlement (ERS) compresses the payment approval process into a single step.

True or false. Violators of the SarbanesOxley Act may be sentenced to prison for making false sworn statements.

True or false. A business keeps cash in a bank account because banks have established practices for safeguarding the business's money.

True or false. For strong controls over cash receipts, the checks to be deposited should be sent to the treasurer, and the remittance advices should be sent to the accounting department.

True or false. The journal entry to open a new petty cash fund includes a debit to the Petty Cash account and a credit to the Cash account.

True or false. Petty cash is a fund containing a small amount of cash that is used to pay for minor expenditures.

True or false. The two common methods of processing credit and debit card transactions are gross and net.