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Recording monies
Contents
Controls over recording receipts
Cash registers
Cash received sheets (remittance lists)
Posting cash receipts to the general
ledger
Controls over recording
receipts
Segregation of duties Bank reconciliations
Receiving and the Exam focus
recording functions are
kept separate ?
One person will receive,
count and perhaps bank
the money
Another person will
record the money
received.
What for?
Avoiding theft
Collusion
Cash registers
business
Discounts received a benefit to the business
Answer: A