Financial Accounting

Free Version

Upgrade subject to access all content

Easy

Controls Over Cash: Handling Checks Received in The Mail

FINACT-CUPE2F

What is the strongest control over cash for checks received in the mail?

A

Deposit in the bank by the end of the same day received.

B

Ring up the transaction on the cash register immediately.

C

Endorse with "for deposit only" immediately upon opening.

D

Send to Accounts Receivable for crediting the customer by end of the same day.