As a control for the assertion of cutoff of cash receipts, a daily exception report is generated for which of the following?
A)Any cash receipts recorded in the incorrect time period
B)Any recorded values of cash received not supported by an underlying remittance report
C)Any recorded cash receipts not supported by the bank remittance report
D)Any cash receipts posted to the incorrect customer

Question

Quizplus · Accepted Answer

The daily exception report for cash receipts cutoff control is generated to identify any cash receipts recorded in the incorrect time period, ensuring that all transactions are recorded in the correct accounting period.

As a Control for the Assertion of Cutoff of Cash