Choose the Proper Category of Internal Control Activities That Best

question 104

Multiple Choice

Choose the proper category of internal control activities that best matches the following actions. Each action should be matched with a different numbered item within the internal controls list.
-Safeguards over assets and records

• A)One employee or department should verify the work of another.
• B)Specific approval is given by management for the performance of activities.
• C)Accounting and cash collections should be properly separated.
• D)Blank checks should be stored in a locked location.
• E)Initial entry into the accounting system should be from a consistent source with complete information.

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Definitions:

Standard Deviations

A measure of the amount of variation or dispersion in a set of values, often used to quantify the spread of a probability distribution.

Observations

Observations refer to the act of watching or noticing something or the data collected during this process, usually as part of a study or experiment.

Crude Oil Prices

The cost per barrel of crude oil on the commodities market, which fluctuates due to various factors including supply and demand, geopolitical events, and market speculation.

Median Price

The middle value in a list of prices, where half the prices are higher and half are lower.