Which of the following is an example of good internal control over cash? Select one:
a. The accounts receivable clerk is responsible for the preparation of weekly bank reconciliations.
b. The accounts payable clerk is responsible for paying all accounts outstanding and can approve payment of accounts of less than $5,000.
c. The wages clerk is responsible for the preparation of wages and salaries payments. The wages are electronically transferred to employee’s bank accounts and are approved by the accountant.
d. The accountant is responsible for approving the purchase of all goods and services, and signs all cheques when payment is due.
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