Which of the Following Would NOT Represent Good Controls Over

question 16

Multiple Choice

Which of the following would NOT represent good controls over cash receipts?

• A)Record all cash receipts as soon as possible.
• B)The employee that receives cash and checks should also deposit them in the bank.
• C)Open mail each day and make a list of checks received with the amount and payer's name.
• D)Verify cash receipts by comparing the bank deposit slip with the accounting records.

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Definitions:

Budget Goals

Financial targets that an organization aims to achieve within a specific period to manage resources effectively.

Continuous Budgeting

A financial planning approach where budgets are continuously updated and extended by adding a new period as the current period is completed.

Senior Management

Refers to the highest level of managerial personnel who are responsible for the strategic direction and overall operations of an organization.

Past Performance

This term refers to the historical results or achievements of an individual or organization, often used as an indicator for future success.