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

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PAC Money

Funds collected by Political Action Committees (PACs) that are used to finance election campaigns and influence political legislation.

Business PACs

Political Action Committees that represent business interests, typically raising funds to support candidates or legislation favorable to those interests.

Permanent Campaign

A political environment where the continuous pursuit of electoral victory shapes the conduct of government officials, often blurring the lines between governing and campaigning.

Political Consultants

Professional advisors who help political candidates and parties with campaign strategy, media relations, and public messaging.