A Critical Element of Internal Control Over Collections of Accounts

question 86

Multiple Choice

A critical element of internal control over collections of accounts receivables is:

• A) depositing the cash from the cash register on a daily basis
• B) setting up a petty cash account
• C) using a cheque writing machine
• D) the separation of cash-handling and cash-accounting duties

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Definitions:

Human Quality

Intrinsic characteristics or traits that define and distinguish humans, often related to moral, ethical, and emotional capacities.

Giver and Receiver

Roles in a transaction or relationship where one party provides, and the other accepts something.

Incentive Plan

A program designed to motivate and reward employees' performance by offering benefits, bonuses, or compensations.

Team-oriented

A focus or emphasis on working collaboratively in groups rather than individually for better outcomes.