Internal Control Procedures for Cash Receipts Require

question 85

Multiple Choice

Internal control procedures for cash receipts require:

• A)Separation of custody of cash receipts from their recordkeeping.
• B)All cheques to be numbered in sequence.
• C)In-store cash sales be recorded on a cash register at the time of each sale.
• D)Separation of custody of cash receipts from its recordkeeping and in-store cash sales be recorded on a cash register at the time of each sale.
• E)All of these answers are correct.

---

Definitions:

Law Merchant

A body of commercial law used by merchants, covering aspects of contracts, payments, transactions, and dispute resolution.

Merchant Guilds

Associations of merchants and traders in medieval towns, formed to protect mutual trading interests, regulate commerce, and ensure business security.

Sale of Goods Act

Legislation governing the sale of goods, ensuring rights, obligations, and remedies in transactions are clear and enforceable.

Constitution Act, 1982

A significant part of the constitution of Canada that introduced many fundamental changes, including the Canadian Charter of Rights and Freedoms.