Which of the Following Questions Would Be Least Likely to Appear

question 48

Multiple Choice

Which of the following questions would be least likely to appear on an internal control questionnaire regarding the initiation and execution of new property, plant, and equipment purchases?

• A)Are requests for repairs approved by someone higher than the department initiating the request?
• B)Are prenumbered purchase orders used and accounted for?
• C)Are purchase requisitions reviewed for consideration of soliciting competitive bids?
• D)Is access to the assets restricted and monitored?

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Definitions:

Marginal Utility

The increase in happiness or usefulness experienced by an individual upon consuming an extra unit of a particular good or service.

Calculus

A branch of mathematics that deals with the study of change and motion, using derivatives and integrals as fundamental tools.

Consumption Increase

An economic scenario where there is a rise in the amount of goods and services consumed by individuals or households over a period.

Isoelastic Demand Curve

A demand curve that has a constant price elasticity of demand at every point, indicating that the percentage change in quantity demanded in response to a percentage change in price is the same across the curve.