Internal control procedures for cash receipts do not require that:
A) Cash sales should be recorded on a cash register at the time of each sale.
B) Custody over cash is kept separate from its recordkeeping.
C) An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
D) All collections for sales are received immediately upon making the sales.
E) Clerks having access to cash in a cash register should not have access to the register tape or file.

Question

Quizplus · Accepted Answer

While it is ideal to collect all cash immediately upon making the sale, it may be impractical or not feasible in certain situations (e.g. online sales, prepaid orders, etc.). Therefore, not all collections for sales need to be received immediately. However, all other options listed are valid internal control procedures for cash receipts.

Internal Control Procedures for Cash Receipts Do Not Require That