Prenumbered Printed Cheques Are an Example of Which Internal Control

question 66

Multiple Choice

Prenumbered printed cheques are an example of which internal control principle?

• A) Technological controls
• B) Maintain adequate records
• C) Perform regular and independent reviews
• D) Technological controls and maintain adequate record
• E) All of the above

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Definitions:

Discount

A reduction from the full amount or value of a product or service, usually to entice customers or accelerate sales.

Effective Interest Method

An accounting practice for amortizing a bond discount or premium on the basis of effective interest rate, rather than the straightforward straight-line method.

Discount

A reduction applied to the price of goods or services, or the difference between the nominal value of a financial instrument and its lower market price.

Bond Liability

A financial obligation of a company that arises when it issues bonds to raise funds, representing its need to repay the principal and interest to bondholders.