As long as the same person deposits customer checks and records the deposits into the ledger,there will be good internal control over cash receipts.

Question

Quizplus · Accepted Answer

This statement indicates a lack of segregation of duties, which is a key internal control principle. Ideally, the person who receives customer checks should not be the same one who records the deposits in the ledger in order to prevent errors or intentional fraud.

As Long as the Same Person Deposits Customer Checks and Records