Separating the Custody of Assets from Accounting for Assets Is

question 81

Multiple Choice

Separating the custody of assets from accounting for assets is a part of which element of internal control?

• A) Information and communication
• B) Monitoring
• C) Control environment
• D) Control procedures

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Definitions:

Chapter 13

A section of the United States Bankruptcy Code that allows individuals earning regular income to develop a plan to repay all or part of their debts.

Liquidated

Pertains to the conversion of assets into cash or the settlement of debts through the sale of assets.

U.S. District Courts

Federal courts in the United States that have jurisdiction over civil actions and criminal cases arising under the Constitution, laws, and treaties of the U.S.

Exclusive Jurisdiction

A legal term that means only a specific court has the power to adjudicate a certain type of case, preventing other courts from hearing the same case.