Separation of Cash-Handling and Cash-Accounting Duties Is a Critical Element

question 88

True/False

Separation of cash-handling and cash-accounting duties is a critical element of internal control over receivables.

---

Definitions:

Split Payment

Split payment refers to a transaction where the total cost is divided and paid through multiple payment methods or by different parties.

Write Checks Window

A feature in accounting software that allows users to issue checks directly, recording the transaction in the financial records.

Types Of Bills

Various classifications of bills, including utilities, rent, subscriptions, and other payable charges.

Drill-Down Feature

A functionality that allows users to view detailed data behind summaries or aggregated figures, typically within software applications.