Company Policy for Internal Control Should Include All of the Following

question 66

Multiple Choice

Company policy for internal control should include all of the following EXCEPT

• A) employees will be rotated through a variety of assignments.
• B) all cheques are signed by the owner (or responsible employee) after receiving authorization to pay from the departments concerned.
• C) at time of payment, all supporting invoices or documents will be stamped "paid."
• D) one employee should have the total responsibility for approving purchases, authorizing payments, and signing cheques.

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Definitions:

Disinherited

The act of deliberately removing or excluding a lawful beneficiary from receiving any part of an estate or inheritance in a will.

Codicil

A document that amends or adds to an existing will, allowing for changes without the need to draft a new will entirely.

Executed

Completed or carried out; in legal terms, it refers to a document or agreement that has been signed and made effective.

Testators

Individuals who have made a will or testament in preparation for their death.