Which of the following procedures would weaken controlover cash receipts that arrive through the mail?Multiple ChoiceAfter the mail is opened, a list (in triplicate) of themoney received is prepared with a record of thesender's name, the amount, and an explanation ofwhy the money is sent.The cashier deposits the money in the bank and therecordkeeper records the amounts received in theaccounting records.For safety, only one person should open the mail,and that person should deposit the cash received inthe bank at the end of each month.The bank reconciliation is prepared by a person whodoes not handle cash or record cash receipts.The employees handling the cash receipts arebonded.

Solution Introduction Internal control Internal control is the policies and systems that are put in…

Answered: Which of the following procedures would…

Business

Accounting

Which of the following procedures would weaken control over cash receipts that arrive through the mail?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following procedures would weaken control
over cash receipts that arrive through the mail?
Multiple Choice
After the mail is opened, a list (in triplicate) of the
money received is prepared with a record of the
sender's name, the amount, and an explanation of
why the money is sent.
The cashier deposits the money in the bank and the
recordkeeper records the amounts received in the
accounting records.
For safety, only one person should open the mail,
and that person should deposit the cash received in
the bank at the end of each month.
The bank reconciliation is prepared by a person who
does not handle cash or record cash receipts.
The employees handling the cash receipts are
bonded.

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