identify the examples of good internal control designed to protect over - the - counter cash receipts. the…

identify the examples of good internal control designed to protect over - the - counter cash receipts. the clerk and the cashier have access to cash, but not to the accounting records. the cash register should hold a temporary record of the transaction. the clerk who has access to cash in the register should have access to its locked - in record. clerks should be required to give the customer a receipt for each sale.

identify the examples of good internal control designed to protect over - the - counter cash receipts. the clerk and the cashier have access to cash, but not to the accounting records. the cash register should hold a temporary record of the transaction. the clerk who has access to cash in the register should have access to its locked - in record. clerks should be required to give the customer a receipt for each sale.

Answer

Brief Explanations:

  • Separation of duties (cash - handling and record - keeping) is a good internal control, so the clerk and cashier having access to cash but not accounting records is correct.
  • A temporary record in the cash register helps in tracking transactions, which is a good control.
  • Clerks having access to both cash and locked - in records can lead to fraud, so this is not a good control.
  • Providing customers with receipts for each sale helps in accountability and detection of discrepancies.

Answer:

  • The clerk and the cashier have access to cash, but not to the accounting records.
  • The cash register should hold a temporary record of the transaction.
  • Clerks should be required to give the customer a receipt for each sale.