All of the Following Are Controls Over Cash Received in a Store

question 36

Multiple Choice

All of the following are controls over cash received in a store except:

• A) the customer should be able to see the amounts entered into the register
• B) the clerk must have access to the cash register tape
• C) it should be a requirement that a receipt be given to the customer
• D) the cash drawer should open only when the sales clerk enters an amount on the keys

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Definitions:

Declining-Balance Method

Depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset.

Accelerated Depreciation

A method of depreciation that allows larger depreciation expenses in the early years of an asset's life and smaller expenses in the later years.

Useful Life

The estimated period over which a fixed asset is expected to be usable by a company, influencing depreciation calculations.

Plant Asset

A plant asset is a long-term tangible asset used in the operation of a business that is not intended for resale, such as machinery, buildings, and equipment.