View the step-by-step solution to:

Question

Which of the following represent good internal control procedures concerning cash receipts?

1.Cash receipts

should be posted to the Accounts Receivable account at the end of the month.

2.Cash should be deposited only at the end of the month.

3.Designate a specific employee to open mail, handle cash, and record the cash.

4.Endorse checks immediately upon receipt with the stamp, "For Deposit Only".

Top Answer

4.Endorse checks immediately... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question