The Following Set of Items Describes Activities Completed by a Company

question 76

Multiple Choice

The following set of items describes activities completed by a company in collecting cash for merchandise sales.For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. Cash register tapes are picked up daily by an employee from the accounting department.

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

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Definitions:

Job Creation

The process by which new employment opportunities are generated, often considered a key indicator of economic health.

Protection

An alternative term for trade protection; policies that limit imports.

Foreign Trade

Involves the exchange of goods and services between countries, can be through importing or exporting.

Import Tariffs

Taxes imposed by a government on goods and services imported from other countries to protect domestic industries from foreign competition.