Maximum Benefit from Independent Internal Verification Is Obtained When

question 23

Multiple Choice

Maximum benefit from independent internal verification is obtained when

• A)it is made on a pre-announced basis.
• B)it is done by the employee possessing custody of the asset.
• C)discrepancies are reported to management.
• D)it is done at the time of the audit.

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Definitions:

Mercedes Automobile

A brand of luxury vehicles manufactured by the German company Mercedes-Benz.

World Tour

A series of travel stops across different countries or continents, often performed by artists, athletes, or public figures.

Statute Of Frauds

a rule of law mandating that specific agreements must be documented in writing and signed by the individual being held accountable for them to be valid.

Main-Purpose Rule

A principle in suretyship law that a guarantor's promise to pay another's debt is not considered a secondary promise requiring a written agreement if the guarantor's main purpose benefits them.