The Following Set of Items Describes Activities Completed by a Company

question 80

Multiple Choice

The following set of items describes activities completed by a company in purchasing and paying for merchandise and in collecting cash for merchandise sales. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. (Choices may be used more than once.)
-Cash register tapes are recorded daily by an employee from the accounting department.

• A)Adheres to sound internal controls
• B)Violates sound internal controls
• C)Neither strengthens nor violates internal control

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Definitions:

Definitely Determinable Benefits

Benefits from a pension plan or retirement account that are calculable and guaranteed based on factors like salary history and years of service.

Coverdell Education Savings Account

A tax-advantaged savings account designed to pay educational expenses, including tuition, fees, books, and supplies.

Age of 18

Often considered the age of majority or legal adulthood in many jurisdictions, affecting legal responsibilities and rights.

SIMPLE Plans

Savings Incentive Match Plan for Employees, a type of retirement plan that allows both employee and employer contributions.