Internal controls in the sales / collection process include:
A)Pre-numbered documents.
B)Adequate supervision.
C)Bank reconciliations.
D)All of the above.

Question

Quizplus · Accepted Answer

Pre-numbered documents help ensure that all transactions are recorded and accounted for. Adequate supervision ensures that sales and collections are properly authorized and recorded. Bank reconciliations help ensure that all cash received is properly recorded and deposited, and that any discrepancies are promptly identified and resolved. Therefore, all of these internal controls are important in ensuring the accuracy and completeness of the sales / collection process.

Internal Controls in the Sales / Collection Process Include