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Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
Explain the reason for not one person must not handle the cash receipts should not responsible for managing the records of accounts receivables.
Explanation of Solution
Internal Control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. The following are the some of the internal control procedures:
- • Competent personnel, rotating duties, and mandatory vacations
- • Separating responsibi...
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