To Maintain Adequate Separation of Functions,accounts Receivable Should Not Have

question 105

Multiple Choice

To maintain adequate separation of functions,accounts receivable should not have access to

• A) cash received from customers.
• B) checks received from customers.
• C) invoices and credit memos.
• D) Answers A and B are both correct.

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Definitions:

Salesperson

An individual who is employed to sell products or services to customers, often working on commission.

Loss of Sale

A situation where a potential transaction does not occur, resulting in no revenue from that potential customer.

Competitor

A business or individual that competes in the same industry or field as another, offering similar products or services.

Potential Sales

The possible future sales achievable in a given market segment or with a certain customer base, often used in forecasting.