This Control Requires the Approval and Signature of Two Authorized

question 67

Multiple Choice

This control requires the approval and signature of two authorized persons, on checks over the predetermined threshold amount, which reduces the risk of significant fraud or error.

• A)Double Remittance
• B)Duo-Authorization
• C)Bi-Sign
• D)Dual Signature

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Definitions:

Business Combinations

The process by which one company acquires control over another, resulting in the consolidation of assets and liabilities under one entity.

Fair Value

An estimate of the market value of an asset or liability, based on the price that two informed and willing parties would agree to in an arm's length transaction.

Outstanding Stock

Shares of a company's stock that are currently held by investors, including shares held by the public as well as restricted shares owned by the company’s officers and insiders.

Consolidated Inventory

The combined inventory of all entities in a group reported as one total in the consolidated financial statements.