TRUE/FALSE. Write T if the statement is true and F' if the statement is false. 1) Internal control is an organizational plan that ensures that the financial statements are prepared and submitted on time.
2) It is important for a business to identify policies which ensure that all customers are treated similarly and that results can be measured effectively.
3) All cash receipts should be deposited in the bank at the end of each week.
4) Companies receive cash either over the counter, through the mail, or by electronic funds transfer.
5) The security measures are the same for any type of cash receipts
6) A receiving report should be matched with the supplier invoice before a payment to the supplier is approved.
7) For good internal control over cash payments, the company officer approving a payment voucher should be the same as the person who ordered the goods. This ensures that the correct amount of cash is paid.

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.