Which of the Following Is Not True with Regards to Internal

question 23

Multiple Choice

Which of the following is not true with regards to internal controls in the general ledger process?

• A)General ledger employees should never have custody of assets that they record in the general ledger.
• B)A proper segregation of duties in a general ledger system is that general ledger functions should be segregated from special journal recording tasks.
• C)A proper segregation of duties in a general ledger system is that general ledger functions should be segregated from subsidiary ledger tasks.
• D)In a manual and automated accounting system, the same written authorization (signed sign off on a journal voucher) is required to process transactions in the general ledger.

Map the process of expense allocation in various departmental contexts.

Apply expense allocation principles to specific scenarios including rent, administrative, and indirect factory expenses.

Distinguish between direct and indirect expenses within the context of departmental income statements.

Understand the concept and process of capitalizing interest on construction loans.

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Definitions:

Balance of Trade

The difference in value between a country's imports and exports over a given period, indicating trade surplus or deficit.

Tariffs

Taxes imposed by a government on imported or exported goods to regulate trade, often used to protect domestic industries from foreign competition.

Merchandise Trade Deficit

The situation that occurs when a country imports more goods than it exports, leading to a negative trade balance.

European Union

A political and economic union of 27 European countries that are located primarily in Europe, aiming to ensure peace, prosperity, and freedom of movement.