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Which of the following controls will most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable? A. Write-offs must be approved by a responsible officer after review of credit department recommendations and supporting evidence. B. Write-offs must be authorized by company field sales employees who are in a position to determine the financial standing of the customers. C. Write-offs must be supported by an aging schedule showing that only receivables overdue several months have been written off. D. Write-offs must be approved by the cashier who is in a position to know if the receivables have, in fact, been collected.

Respuesta :

Before approving write-offs, a responsible officer first must take into account the suggestions of the financial department as well as any supporting evidence.

Simply put, what does a write-off mean?

Describe a write-off. A write-off is indeed an accounting procedure that deducts money from a liabilities account while also lowering the value of the asset. Businesses looking to account for unmet loan obligations, missed receivables, or loss on held inventory most frequently use it in the most literal meaning.

What is a write-advantage? off's

Expenses incurred in the process of operating a business can be subtracted from profits by utilizing business tax write-offs, which eventually reduces your tax liability. The accurate calculation and recording of corporate tax write-offs will arise from careful income tax and regular documentation.

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