The Following Set of Items Describes Activities Completed by a Company

question 95

Multiple Choice

The following set of items describes activities completed by a company in purchasing and paying for merchandise.For each activity,identify whether or not the activity adheres to or violates sound internal control procedures.
- The clerk in the accounting department records both purchases and payments of invoices.

• A)Adheres to sound internal control procedures
• B)Violates sound internal control procedures
• C)Neither strengthens nor violates internal control

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers in a market are willing and able to purchase at a given price over a specified period of time.

Surplus of Labor

A situation where the supply of labor exceeds the demand for it, often leading to unemployment or underemployment.

Minimum Wages

The lowest legal wage that can be paid to workers, set by government laws to protect employees from unduly low pay.

Structural Unemployment

A type of unemployment that results from a mismatch between the skills that workers offer and the skills demanded by employers.