Payment by Check Is an Important Internal Control Because

question 157

Multiple Choice

Payment by check is an important internal control because:

• A)the check provides a record of the payment.
• B)the check must be signed by an authorized official who should study the evidence supporting the payment.
• C)all checks must be approved by the bank's internal audit department before they are paid.
• D)A and B

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Definitions:

Property Rights

Legal rights that dictate the ownership and use of resources, goods, or intellectual property.

Local Villages

Small communities located in rural areas, often characterized by a close-knit society and smaller populations.

Property Rights

The legal rights to use, control, and obtain benefits from a resource, property, or invention.

Elephant Populations

Refers to the total number of elephants living in a particular area or globally, often used in conservation contexts to assess the species' survival prospects.