Which of the Following Documents Is NOT Used in the Control

question 62

Multiple Choice

Which of the following documents is NOT used in the control of cash receipts?

• A) NSF cheques
• B) outstanding cheques
• C) bank deposit slips
• D) bank credit memos

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Definitions:

Revenue Accounts

Accounts that track the income generated from a company's primary operations and activities.

Expense Accounts

Financial accounts used to track money spent or costs incurred by a business in its operational activities.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the books for the next period.

Income Summary

An account used in the closing process during the accounting cycle that summarizes revenues and expenses before transferring the net income or loss to retained earnings.