Q 7.27: A large furniture store has several sales clerks who ring up sales for customers and receive cash. At the end of the day, the clerks tally their cash register drawer and take the cash and checks to the cashier. The shift supervisor collects all of the cash register tapes at the end of each shift and sends it to the accounting department. Which cash receipt control is the company implementing?

Separation of duties.

Explanation:

This question might have options that were not posted along with it however, I shall give the most likely answer.

Separation of duties is an accounting method that aims to prevent unethical accounting practices such as fraud. It is simply done by assigning to different people, various roles in the accounting process.

In the above scenario, sales clerks ring up the sales and receive cash and take it to the cashier, while the shift supervisor takes the cash register tapes to the accounting department.

answer; buying the bill at a discount from the face value to be received at maturity;

answer; /// the above statement is (false);