M20_Review (Accounts Receivable and Funds Handling)

the officer who oversees the Accounts Receivable process; provides bills to students, disburses financial aid and scholarships, processes tuition and fee refunds, processes payments and credits, receives departmental deposits, oversees the Budget Tuition Plan.

• The University Bursar

• The University Controller

• The University President

• The department head

What is the name of the role of the first person to receive funds and record transactions?

• depositor

• cash handler

• reconciler

This log documents daily deposits and maintains accountability for receipt numbers and deposits.

• Cashier Log

• Mail Log

• Over/Short Log

What is the university's cashiering system that allows university departments (both on and off campus) to enter deposit information directly?

• MicroStrategy

• Banner

• HokieSpa

• CASHNet

In Funds Handling, what is the name of the second person responsible for verifying the funds, receipts and documents?

• cash handler

• depositor

• reconciler

A department must develop this plan to obtain authorization to become a cash collection point

• COOP

• Accounts Receivable Plan

• Funds Handling Plan

• EAP

This log records voided and corrected transactions

• Cashier Log

• Mail Log

• Over/Short Log

• Void and correction log

receivables; any addition to cash or other assets that do not increase liability

• revenue

• expenditure

This log documents the access of authorized personnel to the petty cash fund.

• Cashier Log

• Mail Log

• Petty Cash Change Log

• Void and correction log

This log documents over and short amounts occurring in the balancing process of funds received.

• Mail Log

• Over/Short Log

• Petty Cash Change Log

• Void and Correction Log