Author Question: When dealing with the processing and recording of cash receipts, (Read 85 times)

lrhoads · **on:** Aug 21, 2022

Question 1

What event initiates a transaction in the sales and collection cycle?
◦ receipt of cash
◦ delivery of product to a customer
◦ identification of a new customer
◦ customer request for goods or services

Question 2

When dealing with the processing and recording of cash receipts,
◦ the most important concern is the theft of cash.
◦ theft can only occur before the receipts are entered into the records.
◦ cash receipts should be deposited at least monthly.
◦ the monthly statement is used to prepare the cash receipts journal.

Khareemom14 · **Reply #1 on:** Aug 21, 2022

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