CRCT - Certified Revenue Control Technician Cash Handling Procedures Questions and Answers — Questions and Answers
Question 1: A revenue control technician is balancing a cash drawer at the end of their shift. The point-of-sale (POS) system report shows total cash sales of $1,575. The starting float was $200. The actual cash counted in the drawer is $1,785. What is the correct procedure to follow?
- Record the $10 overage in the daily reconciliation log and inform the supervisor.
- Remove the $10 overage and keep it separate until the end of the week.
- Assume a customer was short-changed and place the extra $10 in the tip jar.
- Recount the cash, re-check the POS report, and if the discrepancy persists, document and report the $10 overage. (Correct answer)
Correct answer: Recount the cash, re-check the POS report, and if the discrepancy persists, document and report the $10 overage.
The first step in any discrepancy is to verify the counts and reports. If an overage of $10 ($1,785 actual - $200 float - $1,575 sales) is confirmed, it must be properly documented and reported to management according to company policy. The other options represent procedural violations or assumptions that are not part of standard cash handling.
Question 2: Which of the following is the PRIMARY reason for assigning a single employee to each cash drawer per shift?
- To increase the speed of customer transactions.
- To establish clear accountability and simplify discrepancy resolution. (Correct answer)
- To reduce the amount of cash kept in the register at any given time.
- To make the end-of-day balancing process easier for the manager.
Correct answer: To establish clear accountability and simplify discrepancy resolution.
Assigning one person to a cash drawer creates direct responsibility for all funds in that drawer. This practice is a fundamental internal control that makes it much easier to identify the source of any shortages or overages.
Question 3: In cash handling terminology, what does the term 'float' refer to?
- The total amount of cash sales during a specific period.
- The money used for non-cash transactions like credit card payments.
- A fixed amount of cash placed in a register at the start of a shift for making change. (Correct answer)
- The excess cash removed from the register during the day for safekeeping.
Correct answer: A fixed amount of cash placed in a register at the start of a shift for making change.
The 'float' or 'starting bank' is the initial, verified amount of cash, including various denominations of coins and bills, that a cashier starts their shift with. It is used to provide change to customers before a significant amount of cash from sales has been accumulated.
Question 4: When an armored car service arrives to pick up a scheduled cash deposit, what is a critical step the revenue control technician must perform?
- Hand over the deposit bags immediately to save time.
- Ask the armored car personnel to count the cash on-site before sealing the bags.
- Verify the credentials of the armored car personnel and obtain a signed receipt for the transfer of custody. (Correct answer)
- Provide a verbal confirmation of the deposit amount to the driver.
Correct answer: Verify the credentials of the armored car personnel and obtain a signed receipt for the transfer of custody.
Security and accountability are paramount during a transfer to an armored courier. The technician must always verify the identity of the personnel and ensure a documented chain of custody is established by getting a signed receipt or manifest. This document is proof that the deposit was transferred.
Question 5: A customer pays with a $50 bill that feels slightly unusual. Which of the following is a recommended manual technique for verifying the bill's authenticity without specialized equipment?
- Check for a repeating serial number, as all genuine bills are unique.
- Hold the bill up to a light to look for a watermark and a security thread. (Correct answer)
- Compare the bill's color to another $50 bill; perfect matches indicate authenticity.
- Ensure the paper is smooth and glossy to the touch.
Correct answer: Hold the bill up to a light to look for a watermark and a security thread.
Modern currency has several security features that can be checked manually. Holding the bill up to a light source will reveal a faint watermark image of the portrait and a thin security thread embedded in the paper. These features are difficult for counterfeiters to replicate accurately.
Question 6: To minimize the risk of error and deter theft during the deposit preparation process, which internal control practice is most effective?
- Having the same person who ran the register prepare the deposit.
- Counting the cash in a public area to ensure transparency.
- Requiring two individuals to be present, with one counting the cash and the other verifying the count. (Correct answer)
- Preparing deposits only once per week to streamline the process.
Correct answer: Requiring two individuals to be present, with one counting the cash and the other verifying the count.
The principle of dual control, or having two people involved in the cash counting and verification process, is a strong internal control. It creates a system of checks and balances, significantly reducing the opportunity for both unintentional errors and intentional theft to go undetected.
CRCT - Certified Revenue Control Technician Cash Handling Procedures Questions and Answers
A revenue control technician is balancing a cash drawer at the end of their shift.
The point-of-sale (POS) system report shows total cash sales of $1,575.
The starting float was $200.
The actual cash counted in the drawer is $1,785.
What is the correct procedure to follow?