Which of the following statement regarding the receipt of cheques is true?
A)Cheques received should be stamped or endorsed immediately.
B)Cheques received should be receipted and deposited by the accounts receivable clerk.
C)Cheques need not be separated from the remittance advice.
D)Cheques should be receipted and deposited by the accounts payable clerk.

Question

Quizplus · Accepted Answer

Cheques received should be stamped or endorsed immediately to prevent other individuals from cashing or depositing the cheque. Option B is incorrect because it implies that the accounts receivable clerk is responsible for depositing cheques, which is typically the responsibility of the cashier or accounting department. Option C is also incorrect because cheques should be separated from the remittance advice for record-keeping purposes. Option D is also incorrect because it suggests that the accounts payable clerk is responsible for depositing cheques, which is not typically the case.

Which of the Following Statement Regarding the Receipt of Cheques