Multiple Choice
Maximum benefit from independent internal verification is obtained when
A) it is made on a pre-announced basis.
B) it is done by the employee possessing custody of the asset.
C) discrepancies are reported to management.
D) it is done at the time of the audit.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: The principles of internal control activities are
Q19: The custodian of a company asset should<br>A)have
Q20: For efficiency of operations and better control
Q21: Personnel who handle cash receipts should have
Q22: A highly automated computerized system of accounting
Q24: If employees are bonded,<br>A)it means that they
Q25: Collusion may result when one individual circumvents
Q26: Having one person responsible for the related
Q27: Having one person post entries to the
Q28: The petty cash fund eliminates the need