Final answer:
The statement is false; a proof of cash receipts is a crucial process in detecting theft or errors in cash transactions by reconciling recorded amounts with actual bank deposits.
Step-by-step explanation:
A proof of cash receipts is actually quite useful for uncovering instances of theft or improper recording and depositing of cash. This process involves reconciling the cash receipts recorded in the accounting records with the actual cash deposited into the bank. By doing so, discrepancies can be identified which might indicate theft or errors in cash recording. Additionally, proof of cash receipts provides an audit trail that can be followed to verify transactions and ensure that all cash received by the company has been properly accounted for and deposited.