Internal controls for cash receipts over the counter and for cash receipts by mail are identical.

Question

Quizplus · Accepted Answer

Internal controls for cash receipts over the counter and for cash receipts by mail are not identical. Cash receipts over the counter should involve the use of a cash register or terminal, pre-numbered receipts, daily reconciliation, and separation of duties. Cash receipts by mail should involve the use of a lockbox, dual endorsement, daily reconciliation, and separation of duties.

Internal Controls for Cash Receipts Over the Counter and for Cash