Internal control procedures for cash receipts do not require that:
A. An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
B. Custody over cash is kept separate from its recordkeeping.
C. Cash sales should be recorded on a cash register at the time of each sale.
D. All collections for sales are received immediately upon making the sales.
E. Clerks having access to cash in a cash register should not have access to the register tape or file.
Answer: D
You might also like to view...
Reduction of the risk of understated payables can be accomplished by focusing on which assertion?
a. Existence. b. Rights. c. Presentation and disclosure. d. Completeness.
Which of the following statements is not true?
a. The depreciation method and the period of time selected to depreciate an asset can have a significant influence on income. b. There are many depreciation methods. c. The depreciation methods that recognize a large amount of depreciation in the later years of an asset's life are conservative. d. The straight-line depreciation method recognizes depreciation in equal amounts over each year of the life of the asset. e. There is sometimes a material difference in the lives used for depreciation between firms.
X is a normally distributed random variable with a mean of 22 and a standard deviation of 5 . The probability that X is less than 9.7 is
a. 0.000 b. 0.4931 c. 0.0069 d. 0.9931
An airplane flew for 80 hours in a week. The airplane used 55 gallons of gas per hour. Compute the number of gallons of gas the airplane used that week