Having One Person Post Entries to Accounts Receivable Subsidiary Ledger

question 38

Multiple Choice

Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of

• A) inadequate internal control.
• B) duplication of effort.
• C) external verification.
• D) segregation of duties.

Understand the principles of time value of money computations.

Use financial mathematics to assess and solve real-world financial problems related to savings, loans, and investments.

Analyze the financial implications of various interest rates and investment periods on savings and loan scenarios.

Understand and classify accounts as assets, liabilities, or owner's equity.

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Definitions:

Output

The total amount of goods or services produced by a company, industry, or economy, often measured within a given time period.

Shut Down

The temporary or permanent cessation of operations, often due to economic, financial, or market conditions, prompting a business to stop production or close.

Price

The amount of money required to purchase a good or service, often determined by factors such as supply and demand, production costs, and market competition.

Diagram

A simplified drawing showing the appearance, structure, or workings of something, often used for explanation purposes.