Good internal control procedures for cash receipts imply that cash receipts by mail should be opened by an accounting employee who is responsible for recording and depositing receipts.

Question

Quizplus · Accepted Answer

Good internal control procedures for cash receipts typically involve separation of duties, meaning the person who opens mail and handles the physical cash should not be the same person responsible for recording and depositing receipts to prevent potential fraud or errors.

Good Internal Control Procedures for Cash Receipts Imply That Cash