An example of poor internal control is
A) The accountant should not have physical custody of the asset nor access to it.
B) The custodian of an asset should not maintain or have access to the accounting records.
C) One person should be responsible for handling related transactions.
D) A salesperson makes the sale, and a different person ships the goods.
Correct Answer:
Verified
Q118: Postage stamps on hand are considered to
Q119: A credit balance in Cash Over and
Q120: When opening a bank checking account, a
Q121: Trudy, Inc.had the following bank reconciliation at
Q122: Bacher Company developed the following reconciling information
Q124: GAAP, compared to IFRS, tends to be
Q125: Internal control is most effective when several
Q126: A voucher system is used by many
Q127: A debit memorandum could show the collection
Q128: The control principle related to not having
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents