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Social Studies

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determine whether each cash receipts procedure is an internal control strength or weakness.

Answer :

TanuSharmago TanuSharmago

In terms of strength and weakness cash receipts procedure follow as:

1. weakness

2. Weakness

3.Strength

4.Strength

5.Strength

6.Strength

Describe Cash Receipt Processing?

Due to the extensive controls required for check processing, the procedure for receiving cash is extremely structured. They are necessary to guarantee that checks are accurately recorded, deposited on time, and not lost or changed at any point in the transaction. Following is a description of how check receipts are processed.

Recording checks and cash in Step 1

Secondly, make forward payments

Adding Cash to Invoices in Step 3

Step Four: Record Additional Cash (Optional)

Adding Cash in Step 5

Match to bank receipt in step six.

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