Multiple Choice
Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them
A) increases the potential for errors and fraud.
B) decreases the potential for errors and fraud.
C) is an example of good internal control.
D) is a good example of safeguarding the company's assets.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Personnel who handle cash receipts should have
Q22: A highly automated computerized system of accounting
Q23: Maximum benefit from independent internal verification is
Q24: If employees are bonded,<br>A)it means that they
Q25: Collusion may result when one individual circumvents
Q27: Having one person post entries to the
Q28: The petty cash fund eliminates the need
Q29: If a company deposits all its receipts
Q30: An example of poor internal control is<br>A)The
Q31: Macrinez Company assembled the following information in