​There Are Precautions to Be Observed When Accepting Checks

question 67

Multiple Choice

​There are precautions to be observed when accepting checks.Match whether the following statements are considered a best practice (good policy) or not a best practice (not good policy) .Note: Answers may be used more than once.
-​Accept a check written for more than the amount due so patient can receive cash back

• A)​best practice (good policy)
• B)not a best practice (not a good policy)

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Definitions:

Bank Service Charge

Fees charged by a bank to its customers for account-related services.

Cash Receipts

The total amount of money, including cash, checks, and credit card payments, received by a business during a given period.

Internal Control Procedures

Processes implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.

GAAP

GAAP stands for Generally Accepted Accounting Principles, which are standardized guidelines and practices for financial accounting and reporting in the U.S.