Which of the following is an internal control for checks received through the mail?
A)The Cashier prepares a journal entry to record price,quantity sold,and cash received.
B)The accounting department counts the cash,prepares the deposit slip and deposits the cash in the bank.
C)The accounting department compares the cash in the register with the cash count sheet.
D)The mail clerk gives checks and money orders to the person who makes the bank deposit.

Question

Quizplus · Accepted Answer

The mail clerk lists all amounts received on a cash receipt list,which also includes the customers' names and the purpose of each payment.Ideally,someone supervises the clerk who opens the mail to ensure that he or she takes no cash that may have been remitted by a customer.The clerk stamps each check "For Deposit Only." After these steps have been completed,the cash received is separated from the record of cash received.Checks and money orders are given to the person who prepares the bank deposit whereas the cash receipts list and remittance advices are sent to the accounting department.The accounting department then compares the total on the cash receipts list with the stamped deposit slip received from the bank.

Which of the Following Is an Internal Control for Checks