Using Prenumbered Checks and Having an Approved Invoice for Each

question 145

Multiple Choice

Using prenumbered checks and having an approved invoice for each signed check is an example of

• A)establishment of responsibility.
• B)segregation of duties.
• C)documentation procedures.
• D)independent internal verification.

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Definitions:

Legal Ownership

The lawful possession of property, characterized by rights such as transfer, use, and exclusion, recognized and enforced by legal systems.

Legal Ownership

The formal and legally recognized possession of property, rights, or interests, backed by law.

True Value

Represents the actual, inherent worth of an asset, free from market fluctuations or perceptions.

Gift Causa Mortis

A gift made by someone in contemplation of imminent death, which becomes void if the donor survives.