Question

Strong internal control surrounding cash receipts requires the cashier to perform the following procedures: count the cash receipts, take the cash to the bank, and record the amount collected in the accounting records?

1) True
2) False

Answer 1

False - Recording the amount collected in the accounting records is an important step in strong internal control surrounding cash receipts.

Step-by-step explanation:

False - Strong internal control surrounding cash receipts requires the cashier to perform the following procedures: count the cash receipts, document the amount collected in the accounting records, and deposit the cash to the bank. Recording the amount collected in the accounting records is an important step to ensure accurate financial reporting and prevent fraud or misappropriation of funds.