Which of the following procedures would weaken control over cash receipts that arrive through the mail?
Which of the following procedures would weaken control over cash receipts that arrive through the mail?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.1P
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Question
![Which of the following procedures would weaken control
over cash receipts that arrive through the mail?
Multiple Choice
After the mail is opened, a list (in triplicate) of the
money received is prepared with a record of the
sender's name, the amount, and an explanation of
why the money is sent.
The cashier deposits the money in the bank and the
recordkeeper records the amounts received in the
accounting records.
For safety, only one person should open the mail,
and that person should deposit the cash received in
the bank at the end of each month.
The bank reconciliation is prepared by a person who
does not handle cash or record cash receipts.
The employees handling the cash receipts are
bonded.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2386706b-4355-4d5b-a8cd-188db1b58713%2Fe163ee0b-3282-4520-a804-634409528819%2Fkibhfo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following procedures would weaken control
over cash receipts that arrive through the mail?
Multiple Choice
After the mail is opened, a list (in triplicate) of the
money received is prepared with a record of the
sender's name, the amount, and an explanation of
why the money is sent.
The cashier deposits the money in the bank and the
recordkeeper records the amounts received in the
accounting records.
For safety, only one person should open the mail,
and that person should deposit the cash received in
the bank at the end of each month.
The bank reconciliation is prepared by a person who
does not handle cash or record cash receipts.
The employees handling the cash receipts are
bonded.
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