Each of the Following Is a Feature of Internal Control

question 52

Multiple Choice

Each of the following is a feature of internal control except

• A)an extensive marketing plan.
• B)bonding of employees.
• C)separation of duties.
• D)recording of all transactions.

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Definitions:

Bank Reconciliation

The process of verifying and reconciling the balance of a bank account with the corresponding financial records of a company or individual.

Internal Controls

Processes put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn against; stands for "Non-Sufficient Funds."

Bank Reconciliation

A bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement and the corresponding amount shown in the organization's own accounting records.