The Security of Having Cash Receipts Deposited in the Bank

question 56

Multiple Choice

The security of having cash receipts deposited in the bank on a daily basis will help to minimize the related risk of:

• A)Invalid receipts
• B)Invalid bank account
• C)Lost or stolen cash
• D)Duplicate transactions

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Definitions:

Accredited Process

A formal recognition procedure that ensures a service, organization, or program meets predefined standards.

Breach of Contract

Breaching any term of a contract, whether it be in writing or oral, without an appropriate legal defense.

Negligent Performance

Failure to act with the competence or care that is expected in a given professional role, leading to harm or damage.

Duty of Care

Duty of care is a legal obligation that requires individuals or organizations to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.