Which of the Following Are Controls Over Cash Received in a Store

question 51

Multiple Choice

Which of the following are controls over cash received in a store?

• A)The customer should be able to see the amounts entered into the register.
• B)The clerk must have access to the cash register tape.
• C)The cash drawer can be opened only when the sales clerk needs change.
• D)A receipt should not be given to the customer.

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Definitions:

Finance Charge

A fee representing the cost of credit, or the cost of borrowing, including interest and other charges.

Annual Effective Rate

The annual rate that reflects the compounding of interest, offering a true reflection of the financial product's profitability.

Monthly Compounded

Interest calculation method where interest is added to the principal balance every month, increasing the amount on which future interest is calculated.

Nominal Rate

The stated interest rate of an investment or loan, not including the effect of compound interest or inflation adjustments.