Which one of the following is true of a signature card? A) It shows each authorized person's...
Question:
Which one of the following is true of a signature card?
A) It shows each authorized person's signature for a bank account.
B) It is the same as a deposit receipt and acts as a proof of the deposit transaction.
C) It can be used as a debit card.
D) It can only be used for bank accounts of individuals, not for the bank accounts of businesses.
Internal Controls:
Every company has internal controls in its business operations to safeguard its assets and ensure fair reporting. In banks, one of the internal controls implemented is having a signature card.
Answer and Explanation:
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Chapter 5 / Lesson 2Explore internal controls in accounting. Learn the definition of internal controls and understand their purpose. Discover various internal control examples.
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