Question

When the bank deposit is made, a stamped deposit slip is returned to the company’s accounting department where a staff member compares the details on the deposit slip to the amount of cash register receipts. At this point, which of the following might be detected?

a. Cash shortage
b. None of the available choices
c. No cash count at the end of the day
d. No segregation of duties

Answer 1

A cash shortage might be detected when comparing a bank's stamped deposit slip to cash register receipts, indicating potential errors or misappropriation of funds in the company.

Step-by-step explanation:

When a bank deposit is made and a stamped deposit slip is returned to the company’s accounting department, a staff member compares the details on the deposit slip with the amount of cash register receipts. At this point, a cash shortage might be detected. This process is part of internal controls to ensure that the amounts being deposited match the sales records. Any discrepancy could indicate an error in handling or recording cash, or potentially, misappropriation of funds. Hence, a cash shortage could point to issues that need to be investigated and resolved to prevent future financial discrepancies.