The Principles of Internal Control Include All of the Following

question 230

Multiple Choice

The principles of internal control include all of the following except

• A) establishment of responsibility.
• B) combining of duties.
• C) physical mechanical and electronic controls.
• D) independent internal verification.

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Definitions:

Revenues

The total income generated from normal business operations and other activities, such as the sale of goods or services.

Credit

An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote a positive balance.

Debits

Financial entries that represent an increase in assets or expenses or a decrease in liabilities, equity, or income on a company's balance sheet or income statement.

Credits

Entries in the accounting system that can decrease assets or increase liabilities and equity on a company’s balance sheet, reflecting the decrease in the company's resources or increase in claims against those resources.