To control incoming cash from the mail and ensure an accurate accounting,the department which should have complete control over the transaction is the
A) mailroom.
B) cash receipts.
C) accounts receivable.
D) No one department should have complete control over incoming cash

Question

Quizplus · Accepted Answer

To ensure accurate accounting and minimize the risk of theft or fraud, no single department should have complete control over incoming cash. This practice is part of a system of internal controls called segregation of duties, which requires that different individuals or departments handle different parts of a transaction to prevent errors or fraud.

To Control Incoming Cash from the Mail and Ensure an Accurate