Question

To segregate duties involving cash receipts, specific responsibilities are assigned to various employees. Put the following steps in the correct chronological order listing the first step at the top.

a) Receiving and depositing cash

b) Recording cash receipts

c) Authorizing cash receipts

d) Custody of cash

Answer 1

To segregate duties involving cash receipts, the first step is to authorize cash receipts. This is typically done by a manager or supervisor who approves the acceptance of cash from customers. The next steps include receiving and depositing cash, recording cash receipts, and assigning the custody of cash.

Step-by-step explanation:

1. Authorizing cash receipts
2. Receiving and depositing cash
3. Recording cash receipts
4. Custody of cash

To segregate duties involving cash receipts, the first step is to

authorize cash receipts

. This is typically done by a manager or supervisor who approves the acceptance of cash from customers. The next step is to

receive and deposit cash

into the designated bank account. After that,

cash receipts are recorded

to keep track of the amount received. Finally, the last step is to assign the

custody of cash

to a specific employee who is responsible for its safekeeping.