Internal control procedures for cash receipts require:
A) Separation of custody of cash receipts from their recordkeeping.
B) In-store cash sales be recorded on a cash register at the time of each sale.
C) All cheques to be numbered in sequence.
D) Separation of custody of cash receipts from its recordkeeping and in-store cash sales be recorded on a cash register at the time of each sale.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

Internal control procedures for cash receipts require separation of custody of cash receipts from their recordkeeping and in-store cash sales be recorded on a cash register at the time of each sale. Option A and B together make option D correct. However, option C alone is not sufficient for internal control procedures for cash receipts. Therefore, the best choice is D.

Internal Control Procedures for Cash Receipts Require