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.
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.
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fromChapter 5 / Lesson 2
Explore internal controls in accounting. Learn the definition of internal controls and understand their purpose. Discover various internal control examples.