Multiple Choice
Which of the following is NOT a principle of internal control?
A) Responsibilities should be clearly established
B) Adequate records should be maintained
C) Responsibility for related transactions should be divided
D) Assets should be insured and employees bonded
E) Audits should always be conducted by employees internal to the organization
Correct Answer:

Verified
Correct Answer:
Verified
Q108: Discuss how banking activities promote the control
Q109: A good system of internal control<br>A) Encourages
Q110: In reconciling the bank balance, an unrecorded
Q111: A cheque that was outstanding on last
Q112: Internal control policies and procedures are standard
Q114: The payee is the person who signs
Q115: Banks normally use a flat rate fee
Q116: Bank debit cards get their name from<br>A)
Q117: A bank reconciliation results in creating an
Q118: Outstanding cheques are cheques that<br>A) Have been