Which of the Following Describes the Internal Control Procedure Assignment

question 33

Multiple Choice

Which of the following describes the internal control procedure assignment of responsibilities?

• A)Have clearly assigned responsibilities for each position.
• B)The company should separate the custody of assets from accounting.
• C)To validate their accounting records, a company should have an audit by an external accountant.
• D)The external auditors will monitor internal controls.

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Definitions:

Least Squares Regression

A statistical method used to find the line of best fit by minimizing the sum of the squares of the residuals between observed and estimated values.

Rain

Precipitation in the form of liquid water drops that have diameters greater than 0.5 millimeters.

Scatter Diagram

A graphical representation of two variables' values to observe any correlations, with individual data points plotted on a two-dimensional plane.

Linear Model

A type of regression model that assumes a linear relationship between the independent and dependent variables.