Which of the Following Is Not Related to the Segregation

question 147

Multiple Choice

Which of the following is not related to the segregation of duties for cash received in person?

• A)Cashiers are responsible for the collection of cash and issuing a receipt at the point of sale.
• B)A supervisor is responsible for collecting the cash at the end of each cashier's shift and depositing it in the bank.
• C)Members of the accounting department are responsible for ensuring that the receipts from cash sales are properly recorded in the accounting system.
• D)Members of the accounting department count the cash collected and deposit it in the bank.

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Definitions:

Bad Debt Expense

The recognition of receivables that are not expected to be collected, reflecting anticipated losses on credit sales.

Days' Sales in Receivables

Days' Sales in Receivables is a financial metric indicating the average number of days it takes a company to collect payment after a sale has been made, used to gauge the efficiency of a company's accounts receivable management.

Note Receivable

A financial claim against another entity that promises to pay the holder a specific sum of money on a certain date or on demand.

Promissory Note

A financial document in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.