Internal Controls for Cash Receipts - Financial Accounting

The video tutorial discusses internal controls for cash receipts, focusing on over-the-counter receipts and the importance of using a cash register for accurate record-keeping. It explains the cash short and over account, used to reconcile discrepancies between cash register totals and actual cash. Examples illustrate how to journalize these discrepancies. The tutorial also covers internal controls for cash receipts by mail, emphasizing the need for dual control to ensure security and accuracy.

How should cash receipts by mail be handled according to the internal controls discussed?

What is the significance of having two people open the mail containing cash receipts?