For strong controls over cash receipts, the checks to be deposited should be sent to the treasurer, and the remittance advices should be sent to the accounting department. T/F

Question

Business

Spirit

30 September, 23:23

For strong controls over cash receipts, the checks to be deposited should be sent to the treasurer, and the remittance advices should be sent to the accounting department. T/F

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Answers (1)

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Thalia · Answer 1

The correct answer is True.

Explanation:

The two areas are responsible for the physical management of any economic transaction of the entity, therefore effective control means the custody of said documents for proper internal management of financial information. Both checks and remittances are care transactions that must be properly supported.