A Bill Has Been Approved in the House and Senate,albeit

question 55

Multiple Choice

A bill has been approved in the House and Senate,albeit in slightly different versions.The bill now goes to

• A)the president for his or her veto or signature.
• B)a conference committee.
• C)the standing committees in the House and Senate where the bill originated.
• D)the House Rules Committee.
• E)the Senate Rules Committee.

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Definitions:

Internal Control

Initiatives and standards implemented by a firm to assure the correctness of financial and accountancy details, encourage integrity, and obstruct fraudulent activities.

Journal Entries

The method by which all business transactions are initially recorded, using a system of debits and credits, to maintain the financial records of an entity.

Segregation Of Duties

A key internal control that prevents fraud and errors by ensuring that no single individual has control over all aspects of a financial transaction.

Custody

The protective care or guardianship of someone or something, often referring to the control over assets or minors.