Which of These Is Not a Potential Misstatement for the Function

question 27

Multiple Choice

Which of these is not a potential misstatement for the function of recording cash receipts?

• A) cash may not be deposited intact daily
• B) some receipts may not be recorded
• C) errors may be made in journalizing receipts
• D) receipts may be posted to the wrong customer account

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Definitions:

Past-due Accounts

Financial accounts that have not been paid by the due date, often leading to additional fees.

Collection Letter

A written communication sent by a creditor or a collection agency to a debtor, requesting payment of an overdue account.

Days Past Due

The number of days that have elapsed since a payment or obligation was due.

Time Limit

A specific period within which something needs to be completed or achieved.