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:

On-premise CRM

Customer Relationship Management software hosted and maintained on the premises of an organization, as opposed to being cloud-based.

Vendor

A business or person that sells products or services to another entity, often within a supply chain.

Installed

The state of having been set up for use or operation, as in software being loaded onto a computer or a device being placed into its operational setting.

Recommendation Engine

A sophisticated algorithm used by websites and apps to suggest products, services, or content to users based on their preferences, behaviors, and historical data.