Indicate Whether Each of the Following Statements Regarding Internal Controls

Essay

Indicate whether each of the following statements regarding internal controls is true or false.
_____ a) Separation of duties is an internal control feature that requires different individuals to perform the following functions: authorization, recording, and custody of assets.
_____ b) Under proper internal controls, the person who collects customer payments should also maintain the records of cash receipts.
_____ c) Under proper internal controls, those who are given authority should bear the corresponding responsibility.
_____ d) One of the basic rules of internal control is to require some employees to take regular vacations.
_____ e) A fidelity bond is a form of insurance that companies ask employees to buy to protect the company from loss due to employee dishonesty.