Question

In: Accounting

Question How do businesses control cash receipts over the counter?

Question How do businesses control cash receipts over the counter?

Solutions

Expert Solution

Step 1: Definition of cash receipt

Cash receipts are the receipt that records the cash that the company receives. These receipts are immediately sent to the bank after they are received.

Step 2: Businesses control cash receipt

Businesses control the cash receipts over the counter with the help of the point-of-sale terminal. A company records all the cash receipts in the cash register which helps in the cash receipts over-the-counter control. In this way, a company controls the cash receipts.

 


Cash receipts are controlled with the help of a point-of-sale terminal.

Related Solutions

Question How do businesses control cash receipts by mail? Explain the process.
Question How do businesses control cash receipts by mail? Explain the process.
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each...
The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Principle Violated 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. Select a weakness in internal control Cash is not adequately protected from theftInability to establish responsibility for cash on a specific clerkThe accountant should...
The following control procedures are used at Melora Company for over-the-counter cash receipts. To minimize the...
The following control procedures are used at Melora Company for over-the-counter cash receipts. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. All over-the-counter receipts are registered by three clerks who use a cash register with a single cash drawer. The company accountant makes the bank deposit and records the day’s receipts. At the end of each day, the total receipts...
Problem 1. The following control procedures are used at Feliz Company for over-the-counter cash receipts. 1....
Problem 1. The following control procedures are used at Feliz Company for over-the-counter cash receipts. 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash drawer (till). 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in the back room. 3. Each clerk counts his/her own receipts at the end of the day and reconciles that amount to the cash...
1. Identify the internal control weakness over cash receipts.
Evaluating internal control over cash receipts Dogtopia sells pet supplies and food and handles all sales with a cash register. The cash register displays the amount of the sale. It also shows the cash received and any change returned to the customer. The register also produces a customer receipt butkeeps no internal record of the transactions. At the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the...
Prepare an internal control questionnaire to be used in evaluating the internal control over cash receipts...
Prepare an internal control questionnaire to be used in evaluating the internal control over cash receipts and cash disbursements. The internal control questionnaire should elicit a yes or not response to each question.
Which is not a key element of internal control over cash receipts? A) Daily entry in...
Which is not a key element of internal control over cash receipts? A) Daily entry in a voucher register B) Daily recording of all cash receipts in the accounting records C) Daily bank deposits D) Immediate counting by the person opening the mail or using the cash register
Explain the control of Over The Counter medication for acute cough in children and adults?
Explain the control of Over The Counter medication for acute cough in children and adults?
Identify the internal control weakness over cash payments.
Question Evaluating internal control over cash payments Gary’s Great Cars purchases high-performance auto parts from a Nebraska vendor. Dave Simon, the accountant for Gary’s, verifies receipt of merchandise and then prepares, signs, and mails the check to the vendor.Requirements1. Identify the internal control weakness over cash payments.2. What could the business do to correct the weakness? 
The Global Marketplace How do governments attempt to control foreign businesses operating within their borders? When...
The Global Marketplace How do governments attempt to control foreign businesses operating within their borders? When U.S. companies do business in other countries, what issues do they face? Describe the responsibilities and ethical concerns that you feel are important for U.S. companies to consider when doing business in other countries.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT