In a cash collection system with proper controls,the __________ function,responsible to the __________,is separate and distinct from the cash handling activities.

Question

Quizplus · Accepted Answer

The accounts receivable function, which is responsible for collecting cash, should be separate from the cash handling activities to ensure proper controls are in place. The controller is typically responsible for overseeing the accounts receivable function and ensuring that proper controls are in place for cash collection. The treasurer may have oversight over cash management but is not directly responsible for the accounts receivable function. The cashier is directly involved in cash handling activities and should be separate from the accounts receivable function for proper segregation of duties.

In a Cash Collection System with Proper Controls,the __________ Function,responsible