Description: Business are asking consumers to pay with plastic to reduce contact in face of the COVID-19 virus. The Bank of Canada, however, is urging retailers to continue accepting cash, despite this current climate of social distancing. The Bank does not want to see those who rely on cash unable to transact business for necessary supplies.
Date: April 14, 2020
1) Are you using any cash these days?
2) What do you think you would do if you were an executive for a company in this COVID-19 crisis? Would you stop accepting cash?
3) Illustration 7-2 of Wiley’s Financial Accounting: Tools for Business Decision-Making, provides a description of control activities over cash receipts. Considering the 5 control activities in the illustration, explain how control might differ if you only accepted payments by cards or other electronic means.