Immediately upon receiving checks from customers in the mail, a responsible employee working in an environment of adequate internal control should prepare a listing of receipts and forward it to the company's cashier.A copy of this cash receipts listing should also be sent to the company's
A)Treasurer for comparison with the monthly bank statement
B)Internal auditor for investigation of any unusual transactions
C)Accounts receivable clerk for updating of the accounts receivable subsidiary ledger
D)Bank for comparison with deposit slips

Question

Immediately upon receiving checks from customers in the mail, a responsible employee working in an environment of adequate internal control should prepare a listing of receipts and forward it to the company's cashier.A copy of this cash receipts listing should also be sent to the company's
A)Treasurer for comparison with the monthly bank statement 
B)Internal auditor for investigation of any unusual transactions
C)Accounts receivable clerk for updating of the accounts receivable subsidiary ledger
D)Bank for comparison with deposit slips

Quizplus · Accepted Answer

The treasurer is responsible for managing the company's cash and investments, and for ensuring that the company's financial records are accurate. The cash receipts listing provides the treasurer with a record of all checks received from customers, which can be used to compare with the monthly bank statement to ensure that all checks have been deposited.

Immediately Upon Receiving Checks from Customers in the Mail, a Responsible