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:

Nineteenth Century

The period ranging from January 1, 1801, to December 31, 1900, marked by significant social, economic, and technological changes worldwide.

Internal Colonialism

The economic and political subjugation of the minority group within a country by the dominant group, leading to social inequalities.

Segregated School System

An education system where schools are divided based on racial, ethnic, or economic lines, leading to unequal opportunities and resources.

Colonized Peoples

Groups or communities that have been subjected to colonialism, where their territories and resources are dominated by a foreign power.