Which of the Following Is an Attribute of the Internal

question 42

Multiple Choice

Which of the following is an attribute of the internal control procedure-competent,reliable,and ethical personnel?

• A) providing cross training to allow sales personnel to record revenue transactions
• B) the need to train and supervise employees
• C) monitoring of internal controls by external auditors
• D) purchase of burglar alarms

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Definitions:

Years

A unit of time equal to 365 days (or 366 days in a leap year), used in calendar timekeeping.

Present Value

The value right now of a sum of money expected in the future or a sequence of cash inflows, factoring in a specific rate of return.

Discount Rate

This is the rate of interest utilized in the process of discounted cash flow analysis to calculate the current value of future cash flows.

Received

Amounts of money or assets that have been taken in by an individual or organization.