Which of the following internal control procedures most likely would deter lapping of collections from customers? a.

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Which of the following internal control procedures most likely would deter lapping of collections from customers?

a. Independent internal verification of dates of entry in the cash receipts journal with dates of daily cash summaries.

b. Authorization of writeoffs of uncollectible accounts by a supervisor independent of credit approval.

c. Segregation of duties between receiving cash and posting the accounts receivable ledger.

d. Supervisory comparison of the daily cash summary with the sum of the cash receipts journal entries.

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Auditing An Assertions Approach

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Authors: G. William Glezen, Donald H. Taylor

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Question Posted: May 08, 2024 01:29 AM

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Which of the following internal control procedures most likely would deter lapping of collections from customers? a.

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The correct answer is c Segregation of duties between receiving cash and posting the accounts receiv...View the full answer

Auditing An Assertions Approach

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