How Many of These Are Features of Good Internal Control

question 2

Multiple Choice

How many of these are features of good internal control of cash payments?
Separation of record-keeping and the authority to sign cheques
The use of a business bank account allowing all major payments to be made by cheque or electronic transfer
Preparing regular bank reconciliation statements
The use of a petty cash fund to cover small incidental cash payments

• A) One
• B) Two
• C) Three
• D) Four

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Definitions:

Average Run Length

In statistical process control, it refers to the expected number of submissions to a process before a signal indicates a potential process control failure.

Control Limits

Statistical boundaries on a control chart that indicate the acceptable range of a process or variation.

Standard Errors

Statistical measures that describe the amount of variability or dispersion for a sample statistic from the population parameter.

Average Run Length

This is a statistical term used to describe the average number of trials until a specified event occurs.