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Which of the following control would best prevent the lapping of account receivables?In order to prevent lapping, the duties of the clerk responsible for recording the accounts receivable subsidiary ledger should be segregated from that of recording in the general ledger. Hence, the correct option is a. Chapter 3, Problem 13MCQ is solved.
Which of the following control procedures would best minimize the occurrence of lapping of cash collections?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?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 is an effective internal control over accounts receivable?6. Which of the following is an effective internal control over accounts receivable? documents that reduce accounts receivable balances.
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