All of the Following Are Important Elements of Internal Control

question 8

Multiple Choice

All of the following are important elements of internal control over cash except

• A) a petty cash system.
• B) a cash reserve.
• C) a bank reconciliation.
• D) the daily deposit of all receipts.

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Definitions:

Party Loyalty

The allegiance or fidelity of individuals to a particular political party, often reflected in consistent voting patterns.

Federal Government

The national government of the United States, composed of three branches (legislative, executive, and judicial), established by the Constitution.

Classless Society

A society in which no classes exist, and the social hierarchy is flattened such that all individuals have equal access to resources and opportunities.

Free Agency

The ability of an individual, especially in professional sports or employment, to make choices about where to work or whom to contract with without undue restrictions.