Final answer:
Nancy Ford assists Jim Adams in processing cash receipts to maintain internal controls, reduce error, and prevent fraud through segregation of duties and a system of checks and balances.
Step-by-step explanation:
Nancy Ford assists Jim Adams in processing cash receipts transactions to maintain effective internal controls within the organization. When it comes to handling cash transactions, it is a common practice to employ segregation of duties, which means that more than one individual is involved in the process of handling cash. This is done to reduce the risk of errors and prevent potential fraud. Nancy could be responsible for one part of the transaction process, such as recording the transactions, while Jim could handle the physical cash. This process ensures that there is an oversight mechanism in place, thus enhancing the accuracy and integrity of the financial records.
Moreover, division of responsibilities also serves to provide a system of checks and balances within the cash handling process, making it more secure and reliable. By having Nancy Ford assist with these processes, the organization aims to protect its assets and ensure that the cash receipts are processed in an accurate and timely manner.