When a Specification Is Widely Known,commonly Recognized and Readily Available

question 20

Multiple Choice

When a specification is widely known,commonly recognized and readily available to every buyer,it is called a:

• A)common specification.
• B)standard specification.
• C)individual specification.
• D)universal specification.
• E)market grade specification.

Understand the role and authority of administrative agencies.

Comprehend the hierarchy of laws in the United States and the supremacy of the U.S. Constitution.

Identify the parties in a legal action and their roles.

Understand the concept of jurisdiction and its significance.

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Definitions:

Bank Reconciliation

The procedure of reconciling the balance figures in a firm's accounting ledger for a cash account with the associated entries on a bank statement.

Segregation Of Duties

An internal control measure that divides responsibilities among different people to prevent fraud and errors.

Treasurer

An officer of an organization responsible for managing the institution’s budget, overseeing its investment strategy, and handling its financial planning, reporting, and record-keeping.

Outstanding Cheques

Checks that have been written and recorded in the issuing account but have not yet been cashed or deposited by the recipient.