Which of the following internal control procedures will most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable?
a. Write-offs must be approved by a responsible officer after review of credit department recommendations and supporting evidence.
b. Write-offs must be supported by an aging schedule showing that only receivables overdue several months have been written off.
c. Write-offs must be approved by the cashier who is in a position to know if the receivables have, in fact, been collected.
d. Write-offs must be authorized by company field sales employees who are in a position to determine the financial standing of the customers.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.