The custody responsibilities for cash receipts includes all of the following, except:
A)Updating accounts receivable records
B)Opening mail
C)Preparing a list of collections
D)Handling receipts of currency and checks

Question

Quizplus · Accepted Answer

Updating accounts receivable records is not a custody responsibility but rather a record-keeping function. Custody responsibilities typically involve physical handling or direct management of cash receipts, such as opening mail, preparing a list of collections, and handling receipts of currency and checks.

The Custody Responsibilities for Cash Receipts Includes All of the Following