Internal control over cash receipts ensures that all cash received is properly recorded and deposited.

Question

Quizplus · Accepted Answer

Internal control over cash receipts is important in ensuring that all cash received is recorded accurately and deposited in a timely manner, reducing the risk of fraud and financial mismanagement. It involves establishing policies and procedures for receiving, recording, and depositing cash, as well as ensuring that there is proper segregation of duties and regular monitoring and reconciliation of cash transactions.

Internal Control Over Cash Receipts Ensures That All Cash Received