Question

What is the primary goal of internal controls for cash payments

A. To ensure that payments are made only for properly authorized transactions
B. To independently verify cash payments
C. To make payments as quickly as possible
D. To ensure the lowest prices possible are paid

Answer 1

The primary goal of internal controls for cash payments is to ensure that payments are made only for properly authorized transactions. The correct option is: A.

Step-by-step explanation:

The primary goal of internal controls for cash payments is to ensure that payments are made only for properly authorized transactions. Internal controls are put in place to prevent fraud, theft, and errors in the cash payment process. By implementing strong internal controls, organizations can safeguard their cash assets and ensure that payments are being made in accordance with company policies and procedures.