In the Following Situation, Which Internal Control Procedure Needs Strengthening

question 86

Multiple Choice

In the following situation, which internal control procedure needs strengthening? At Hofstra Services, the junior accountant collects cheques and cash from customers and records the transactions into the Journal. The controller approves the journal entries and bank reconciliations. The treasurer signs cheques and approves contracts.

• A)Assignment of responsibilities
• B)Separation of duties
• C)Documents and records
• D)Competent, reliable, and ethical personnel

Comprehend the concepts of social and human capital within organizations.

Grasp the principles of SMART goals and their importance in strategic planning.

Recognize the impact of training and development on employee performance and organizational competitiveness.

Identify legislative and policy frameworks in Canada that influence training and development.

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Definitions:

Spina Bifida

A birth defect where there is incomplete closing of the spine and membranes around the spinal cord during early pregnancy.

Herniated Disk

A condition where a disk in the spine slips or ruptures, potentially pressing on nearby nerves and causing pain or other symptoms.

Ethmoidal

Pertaining to the ethmoid bone, a spongy, cubical bone contributing to the structure of the nasal cavity and the orbits of the eyes.

Sphenoidal

Pertaining to the sphenoid bone, often referencing the sphenoidal sinus located within this bone.