Opening mail and making a list of checks received once per week is considered a good internal control over cash receipts.

Question

Quizplus · Accepted Answer

While opening mail and making a list of checks received is a step in the cash receipts process, it is not sufficient as a complete internal control. A full internal control process would include recording the checks in a cash receipts journal, depositing the checks in a timely manner, and reconciling the bank statement with the cash receipts journal.

Opening Mail and Making a List of Checks Received Once