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

Question

Quizplus · Accepted Answer

Pre-numbered documents, adequate supervision, and bank reconciliations are all important internal controls in the sales/collection process. Pre-numbered documents help to ensure that no transactions are missed or duplicated, while adequate supervision ensures that employees are following proper procedures and safeguards against fraud or errors. Bank reconciliations help to detect any discrepancies or unauthorized transactions. All of these controls work together to mitigate the risk of errors, fraud, or financial misstatement in the sales and collection process.

Internal Controls in the Sales/collection Process Include