Internal control procedures for cash receipts require:
A)Separation of custody of cash receipts from their recordkeeping.
B)All cheques to be numbered in sequence.
C)In-store cash sales be recorded on a cash register at the time of each sale.
D)Separation of custody of cash receipts from its recordkeeping and in-store cash sales be recorded on a cash register at the time of each sale.
E)All of these answers are correct.

Question

Quizplus · Accepted Answer

Internal control procedures for cash receipts require separation of custody of cash receipts from its recordkeeping, and in-store cash sales to be recorded on a cash register at the time of each sale. Cheque numbering in sequence is important for internal control over cash disbursements, not cash receipts.

Internal Control Procedures for Cash Receipts Require