Which of the following are internal control procedures commonly used by companies to protect their assets?
A) The purchase of fidelity bonds on cashiers
B) Mandatory vacations for employees
C) Both A and B
D) Neither A nor B

Question

Quizplus · Accepted Answer

Both the purchase of fidelity bonds on cashiers and mandatory vacations for employees are common internal control procedures used by companies to protect their assets. Fidelity bonds protect against losses from employee dishonesty, while mandatory vacations can help uncover fraudulent activities by requiring employees to take time off, allowing others to review their work.

Which of the Following Are Internal Control Procedures Commonly Used