a.) Independent internal verification of fates of entry in the cash receipts journal with dates of daily cash summaries. Answer: c.) Separation of duties between receiving cash and posting the accounts receivable ledger. Which of the following internal control procedures most likely would deter lapping of collections from customers? Which of the following control procedures would best minimize the occurrence of lapping of cash collections?Answer and Explanation: The correct answer is option c. Segregation of duties between receiving cash and posting the accounts receivable ledger.
Which of the following control procedures will likely prevent the concealment of a cash shortage that was perpetrated by improperly writing off a trade account receivable?A separate ledger. Which of the following controls will most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable? Write-offs must be approved by a responsible officer after review of credit department recommendations and supporting evidence.
Which of the following audit procedures is the most appropriate when internal control over cash?Which of the following audit procedures is the most appropriate when internal control over cash is weak or when a client requests an investigation of cash transactions? -Bank reconciliation.
Which of the following is most likely to be detected by an auditors review of an entity's sales cutoff?Which of the following is most likely to be detected by an auditor's review of an entity's sales cutoff? Unrecorded sales for the year.
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Which of the following internal control procedures would most likely deter lapping of collections from customers?
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