Which of the following is an internal control guideline for better management of cash receipts? a.Endorse checks immediately upon receipt with the stamp "For Receipt Only". b.Maintain separation of duties between cash handling and cash recording. c.A bookkeeper should be designated to open all the mail in a company. d.Post cash receipts to the Accounts Payable account as soon as possible.
Which of the following is an internal control guideline for better management of cash receipts? a.Endorse checks immediately upon receipt with the stamp "For Receipt Only". b.Maintain separation of duties between cash handling and cash recording. c.A bookkeeper should be designated to open all the mail in a company. d.Post cash receipts to the Accounts Payable account as soon as possible.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 16CYBK
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Which of the following is an internal control guideline for better management of cash receipts?
a.Endorse checks immediately upon receipt with the stamp "For Receipt Only".
b.Maintain separation of duties between cash handling and cash recording.
c.A bookkeeper should be designated to open all the mail in a company.
d.Post cash receipts to the Accounts Payable account as soon as possible.
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