Question

In a retail cash sales environment, which of the following controls is often absent?

A. Competent personnel.
B. Separation of functions.
C. Supervision.
D. Asset access limited to authorized personnel.

Answer 1

The correct answer to the following question is option b) Separation of functions.

Step-by-step explanation:

In a retail environment , the cash management process starts when a customer pays the cashier for the product or services he or she has purchased. The cashier then counts the cash in till drawer and then at end of the day cashier takes that cash to the third party who can be either manager or owner or a supervisor. Then cashier would receive a receipt against the cash for till drawer.

Now supervisor would collect cash from all the cashier and prepare the cash to be deposited in bank. So from this process it is quite clear that here there is separation of functions here and while all other options given in the question are present in the process.