In the Following Situation, Which Internal Control Procedure Needs Strengthening

question 21

Multiple Choice

In the following situation, which internal control procedure needs strengthening? At Hofstra Services, the operations accountant is responsible for safeguarding and maintaining the pipe inventory and also to record inventory transactions into the journal. A separate accounting clerk keeps records of the cash receipts and payments. The treasurer signs cheques and approves contracts.

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

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Definitions:

Multifinality

A principle in psychology that suggests a single cause or condition can lead to multiple different outcomes, depending on the context or individual differences.

Nonlinearity

The property of a system where the output is not directly proportional to its input, often resulting in complex and unpredictable behavior.

Multilinearity

The concept that there are multiple pathways or trajectories in developmental processes.

Ecological Systems Model

A theoretical model outlining the complex interrelations between individuals and their various environmental systems.