Which of the following is a control over notes receivable?

Multiple Choice

• Acceptance of notes is authorized in writing by a responsible official who will then maintain custody of the notes.

• The write-off of defaulted notes must be approved by responsible officials who then are solely responsible for any follow-up on such defaulted notes.

• Notes receivable are only accepted by the company after the account receivable has become uncollectible.

• The custodian of notes receivable does not have access to cash received on notes.