Internal Controls for Cash Receipts - Financial Accounting
Interactive Video
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Business
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University
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Practice Problem
•
Hard
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to use a cash register for all sales?
To avoid using credit cards
To reduce the workload of employees
To ensure a written record of cash inflow
To increase sales
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the 'cash short and over' account?
To increase company profits
To reconcile discrepancies between expected and actual cash
To track employee performance
To manage inventory levels
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is a $5 shortage recorded in the 'cash short and over' account?
As a revenue
As a credit
As a liability
As a debit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why should two people be involved in opening mail containing cash?
To reduce the number of errors
To train new employees
To prevent collusion and ensure accuracy
To speed up the process
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the record-keeper in handling cash receipts by mail?
To prepare the list of cash received
To enter the cash into the books
To deposit cash in the bank
To open the mail
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