Which One of the Following Internal Control Procedures Would Most

question 6

Multiple Choice

Which one of the following internal control procedures would most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable? Write-offs must be

• A) authorised by company field sales employees who are in a position to determine the financial standing of the customers.
• B) approved by a responsible officer after review of credit department recommendations and supporting evidence.
• C) supported by an aging schedule showing that only receivables overdue several months have been written off.
• D) approved by the cashier who is in a position to know if the receivables have, in fact, been collected.

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Definitions:

Big Data

Vast collections of data that, when computationally analyzed, can expose patterns, trends, and connections, with a special focus on human behavior and interactions.

Microsegment

A very specific group of customers within a market, characterized by particular and distinct preferences or needs.

Big Data

Massive datasets that can be examined through computational methods to uncover patterns, trends, and relationships, particularly in the context of human behavior and interactions.

Traditional Database

A database system that follows a fixed schema, storing data in tables that are linked by defined relationships, frequently used in relational database management systems (RDBMS).