In Meeting the Control Objective of Safeguarding of Assets, Which

question 10

Multiple Choice

In meeting the control objective of safeguarding of assets, which department should be responsible for distribution of paychecks and custody of unclaimed paychecks, respectively?

• A)Treasurer is responsible for distribution of paychecks and for custody of unclaimed paychecks.
• B)Payroll is responsible for distribution of paychecks and treasurer for custody of unclaimed paychecks.
• C)Treasurer is responsible for distribution of paychecks and payroll for custody of unclaimed paychecks.
• D)Payroll is responsible for distribution of paychecks and for custody of unclaimed paychecks.

Define social overhead capital and differentiate between types of capital.

Recognize the role of government in building infrastructure and managing economic policies for development.

Assess the effectiveness of export promotion policies and industrial policies in economic development.

Identify the relationship between a country's development level and its economic structure (including its agricultural output).

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Definitions:

NSF Check

A check that cannot be processed due to insufficient funds in the account on which it was drawn.

Bank Reconciliation

The process of matching the balances in an organization's accounting records for a cash account to the corresponding information on a bank statement.

Outstanding Checks

Checks that have been written and recorded in the paying company's books but have not yet been cashed by the recipient.

Notes Receivable

Claims against others for money, goods, or services evidenced by written promises to pay.