Indicate Whether Each of the Following Statements Regarding Internal Controls

Short Answer

Indicate whether each of the following statements regarding internal controls is true or false.
_____ a) Cash receipts should be deposited in a bank when they reach a predetermined level of materiality.
_____ b) To improve operating efficiency, a company should make most of its disbursements in currency instead of checks.
_____ c) Supporting documents are required when checks are presented to the check signer.
_____ d) Supporting documents should not be marked "paid" until the check clears the bank.
_____ e) All spoiled and voided checks should be defaced and retained.