When Processing and Recording Cash Receipts, an Important Fact to Consider

question 107

Multiple Choice

When processing and recording cash receipts, an important fact to consider is:

• A)the most important concern is depositing cash at least twice daily.
• B)the most important concern is the possibility of theft.
• C)theft can occur only after the receipts are entered in the records.
• D)it the customer fails to include a remittance advice, the check should be returned to the customer.

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Definitions:

Goal Congruence

The alignment of individual objectives and actions with the overall goals and objectives of an organization.

Performance Measures

Quantitative and qualitative metrics used to assess the effectiveness or efficiency of operations, employees, or overall organizational performance.

Transfer Price

The price charged for goods or services transferred between departments or divisions within the same company as part of the internal sales process.

Opportunity Cost

The sacrifice of possible benefits from other options when selecting a specific one.