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Which of the following statements about cash handling procedures are correct?
1) Cash handling procedures should prevent fraud or theft.
2) Cash handling procedures over payments include prompt banking and proper post-opening arrangements.
3) Cash handling procedures relating to receipts include restriction of access to cash and cheques.
A (i) only
B (i) and (iii)
C (i) and (ii)
D None of the aboveAnswer is A. Why 3rd statement is incorrect. If we have receipts in cash so wouldn’t it be right?
It could certainly be better worded.
What they are arguing is that if you are dealing with receipts you cannot at the same time restrict access to cash and cheques…..if someone comes into the office to give you cash or a cheque, you aren’t going to turn them away saying you can’t take the money.
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