Question
time ergent pleeeeease dentify which of the following statements are true in regard to cash receipts and payments: D a. Cash does not include returned
time ergent pleeeeease
dentify which of the following statements are true in regard to cash receipts and payments:
D a. Cash does not include returned cheques (i.e. NSF cheques) but does include post-dated cheques.
b. When a business changes to point-of-sale (POS) technology, errors and theft will likely decline over manual systems. c. Companies should try to use electronic receipts and payments when possible to eliminate errors and opportunities for
fraud
d. In order to control cash receipts, companies usually hold the same person responsible to record and handle cash.
e. There are two types of cash receipts: over-the-counter receipts and electronic receipts.
f. When a cheque is written by a company, there should be a clear segregation of duties between cheque-signing, which is an authorization function, and the accounts payable function. which is a recording function.
g. Requiring employees to take vacation helps provide control over cash payments.
h. To ensure strong control over cash payments, pre-signed cheques. blank cheques and cheque signing machines should be
restricted
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