Question
Determine whether each cash receipts procedure is an internal control strength or weakness. Cash receipts Strength or Weakness 1. All sales transactions, even those
Determine whether each cash receipts procedure is an internal control strength or weakness. Cash receipts Strength or Weakness 1. All sales transactions, even those for less than $1, are recorded on a cash register. 2. One of the two employees tasked with opening mail is also the recordkeeper for the business. 3. Two employees are tasked with opening mail that contains cash receipts. 4. The supervisor has access to both cash and the accounting records. 5. Cash registers have a permanent, locked-in electronic record of each transaction. 6. Receipts are given to customers for only sales that are above $20.
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