To Help Prevent Theft by the Sales Clerk,at the End

question 162

True/False

To help prevent theft by the sales clerk,at the end of each day,the manager proves the cash by comparing the cash in the drawer against the cash register's record of cash sales.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but not yet cashed by the recipient.

NSF Checks

Non-Sufficient Funds (NSF) checks are checks that cannot be processed due to insufficient funds in the account on which they are drawn.

Bank Service Charge

Fees charged by banks for various services provided to customers, such as account maintenance or transaction processing.

Petty Cash Custodian

An individual responsible for managing a petty cash fund, disbursing small amounts of cash for minor expenses, and maintaining records of these transactions.