When cash is received from a remote source, the accounting department then compares the total on the cash receipts list with the stamped deposit slip received from the bank. Which internal control principle is being met with this procedure?
A. Document procedures
B. Independently verify
C. Restrict access
D. Segregate duties
Answer:B
When cash is received from a remote source, the accounting department then compares the total on the cash receipts list with the stamped deposit slip received from the bank. Which internal control principle is being met with this procedure?
A. Document procedures B. Independently verify C. Restrict access D. Segregate duties