Asked by Danielle Szajdek on May 03, 2024
Verified
Internal control of cash receipts aims to ensure that all cash received is properly recorded and deposited.
Internal Control Of Cash
Procedures and measures implemented by a business to monitor, manage, and protect its cash transactions and holdings.
- Acquire knowledge on the protocols and value of regulating funds received and disbursed.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
True
Explanation :
Internal control of cash receipts is implemented to ensure that all cash received is recorded accurately and deposited promptly, reducing the risk of employee theft or errors. This includes procedures such as segregating duties, maintaining a paper trail of transactions, and regularly reconciling accounts.
Learning Objectives
- Acquire knowledge on the protocols and value of regulating funds received and disbursed.
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