The Principles of Internal Control Include All of the Following

question 202

Multiple Choice

The principles of internal control include all of the following except

• A) establishment of responsibility.
• B) combining of duties.
• C) physical controls.
• D) independent internal verification.

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Definitions:

Silent Partner

An investor in a partnership who contributes capital but does not take part in the management or daily operations of the business.

Day-To-Day Operations

Involves the regular, routine activities necessary for a business or organization to function efficiently.

Partnership Debts

Financial obligations that are the responsibility of a business partnership, to be repaid from the partnership's assets.

Ratification

The act of officially approving or confirming an action or decision, usually after the fact, which might not have been initially authoritative or agreed upon.