The Internal Control Process of Requiring Management Approval of Fixed

question 56

Multiple Choice

The internal control process of requiring management approval of fixed asset changes prior to recording the transaction, will help to minimize the risk of:

• A)Incorrect amounts
• B)Lost or stolen assets
• C)Duplicate transactions
• D)Omitted transactions

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Definitions:

Career Planning

The process of setting career objectives and determining the steps and actions to achieve them.

Number

A mathematical object used to count, measure, and label.

Individuals

Persons or human beings regarded singly or independently, each with their own attributes and interests.

Succession Planning

The process of identifying and developing new leaders who can replace old leaders when they leave, retire or die.