The Primary Approach for Preventing Conflicts of Interest Schemes Is

question 7

Multiple Choice

The primary approach for preventing conflicts of interest schemes is to develop and implement which of the following?

• A) A voucher system
• B) A company ethics policy
• C) A document retention program
• D) An anonymous reporting mechanism to receive tips and complaints

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Definitions:

Wage Expense

The total cost incurred by a company for the salaries and wages of its employees.

Withdrawals

Sums of money withdrawn by the business owner(s) for private expenses.

General Journal

A basic accounting record used to keep track of all business transactions not recorded in specialized journals.

Account Titles & Descriptions

Names and explanations assigned to individual accounts in the financial statements, reflecting the nature and type of transaction.