All of the Following Are Necessary Components of Internal Control

question 68

Multiple Choice

All of the following are necessary components of internal control over cash except

• A)a petty cash system
• B)a cash reserve
• C)a bank reconciliation
• D)the daily deposit of all receipts in the company's bank account

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Definitions:

Organizational Settings

refers to the work environment and conditions under which a company or institution operates, including its culture, structure, and processes.

Fundamental Attribution Error

A cognitive bias in which people tend to overemphasize personal characteristics and ignore situational factors when explaining others' behavior.

Lateness

The act of not being on time, which can disrupt schedules, demonstrate a lack of professionalism, and affect productivity and relationships.

Absenteeism

The habit of staying away from work or school without good reason, which can impact productivity and morale.