One Example of Internal Controls Is

question 45

Multiple Choice

One example of internal controls is

• A) leaving all financial decisions to the sole discretion of the CFO.
• B) having budgets that aren't reconciled against the plan.
• C) allowing a single individual to complete the payment cycle in a payment system.
• D) relying solely on a computerized accounting system to make payments.
• E) the separation of duties for authorizing and making payments.

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Definitions:

India

A country in South Asia, known for its vast diversity in cultures, languages, and religions, and as the world's largest democracy.

Increasing

Refers to a situation where there is a rise in the quantity or quality of a particular economic variable or indicators.

Wealth Holders

Individuals or entities that possess assets of significant value, such as stocks, bonds, real estate, and cash.

Percentage Points

A unit for the arithmetic difference between two percentages, useful in indicating changes in rates, such as interest rates or rates of return.