The Punta Gorda office receives this payment item: cash receipt from a small service job. Which control best protects the cash receipts trail?
Correct Answer
C) numbered receipt form
Cash receipts controls preserve custody, deposit evidence, and posting accuracy.
Why This Is the Correct Answer
Cash receipts controls preserve custody, deposit evidence, and posting accuracy.
Why the Other Options Are Wrong
Option A: Unapproved change order
Unapproved change order puts the item in the wrong financial bucket, timing, base, or comparison for cash receipts control.
Option B: Open purchase order
Open purchase order puts the item in the wrong financial bucket, timing, base, or comparison for cash receipts control.
Option D: Expired bid bond
Expired bid bond puts the item in the wrong financial bucket, timing, base, or comparison for cash receipts control.
Memory Technique
Cash Receipts ledger for Bookkeeper Records: put controls in the right drawer.
Reference Hint
Open-book path: tab Contractor's Manual, 2025 to Business Administration, Cash Receipts Controls; confirm the administrative duty, record, or control described in the stem.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?
People Also Study
Related Study Resources
Previous Question
The Palm Beach Gardens management action-item log begins with 14 open items, closes 9, and adds 5. How many action items remain open?
Next Question
The Lake Butler superintendent is tracking possible added scope. The issue is: machine time must be recorded while directed scope proceeds. Which field record is best?