What Controls Will Address the Risk of Mail Receipts Being

question 81

Multiple Choice

What controls will address the risk of mail receipts being lost or misappropriated after receipt?

• A)Immediate preparation of prelist of mail receipts
• B)Restrictive endorsement of checks immediately upon receipt
• C)Preparation of periodic independent bank reconciliations
• D)Independent check of agreement of remittance advices with prelisting of cash received

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Definitions:

AASB 16

An accounting standard issued by the Australian Accounting Standards Board specifying the principles for recognition, measurement, presentation, and disclosure of leases.

IFRS 16

The International Financial Reporting Standard issued by the IASB which specifies how an IFRS reporter will recognize, measure, present, and disclose leases.

AASB 16

An accounting standard issued by the Australian Accounting Standards Board that specifies the principles for the recognition, measurement, presentation, and disclosure of leases.

IFRS 16

International Financial Reporting Standard that specifies how leases are recognized, measured, presented, and disclosed in financial statements.