Identify whether the following internal control procedures relate to cash receipts or cash disbursements. Internal Control Procedure
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Internal Control Procedure Cash Receipt? Cash Disbursement? All payments must be made by check, except for immaterial payments made from petty cash Checks can only be signed by authorized individuals. The summary of checks is sent to the employee in charge of preparing the cash receipts journal. The summary of checks is forwarded to the employee responsible for depositing checks. Authorization is required prior to preparing a check. An employee will receive checks, open the envelopes, and prepare a cash receipts summary The summary should include the customer name, account number, and the amount of the check
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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