Internal Control Over a Company's Assets Should NOT Include the Following

question 121

Multiple Choice

Internal control over a company's assets should NOT include the following procedures:

• A) Responsibilities and duties of employees will be divided.
• B) All cash receipts will be accumulated until significant enough for a major deposit.
• C) All cash payments will be made by check (except petty cash).
• D) All of these answers are correct.

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Definitions:

Counterclaim

A claim made to offset another claim in a legal action, essentially a defendant’s claim against the plaintiff.

Examination for Discovery

A pre-trial process where parties in a lawsuit have the opportunity to question each other or witnesses under oath.

Balance of Probabilities

The standard of proof in most civil cases, requiring that a party's case is more likely true than not.

Statement of Claim

A legal document filed in court that outlines the plaintiff's allegations against the defendant and the legal basis for the lawsuit.