Internal Control Procedures for Cash Receipts Require That

question 135

Multiple Choice

Internal control procedures for cash receipts require that:

• A) Custody over cash is kept separate from its recordkeeping.
• B) Cash sales should be recorded on a cash register at the time of each sale.
• C) Clerks having access to cash in a cash register should not have access to the register tape or file.
• D) An employee (with no access to cash receipts) should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
• E) All of these.

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Definitions:

Range

The difference between the highest and lowest values in a dataset, a simple measure of the spread or dispersion of the data points.

Standard Deviation

A statistical measure that quantifies the dispersion or spread of a set of data points.

Variance

A statistical measure of the dispersion of a set of data points in a data set.

Deviations

The differences between observed values and the average of those values within a dataset.