Final answer:
The statement is true; controllers should compare bank deposit amounts with accounting records. This ensures the accuracy of financial records and cash management. Banks like Singleton Bank and Safe and Secure Bank view deposits as liabilities and provide convenient transaction services.
Step-by-step explanation:
The statement is true: The controller should indeed compare the bank deposit amount with the journal entry for recording cash sales in the accounting records to verify the accuracy of both the accounting records and the cash deposited in the bank.
This practice is part of effective internal controls and ensures that the amounts recorded in the company's ledger for cash sales match the actual cash deposited into the bank.
Banks facilitate numerous transactions in a complex economy, and in this context, Singleton Bank and Safe and Secure Bank serve as examples to illustrate how deposits are treated on the bank's balance sheet.
Whether money is deposited into a checking account, savings account, or a certificate of deposit, the bank accounts for these funds as liabilities, reflecting the obligation to pay depositors upon request.
Furthermore, banks enable people and businesses to store money securely and access it conveniently through various services such as direct withdrawal, writing checks, or using debit cards.