Allowing the Clerk Who Checked Out Customer a Handle a Return

question 17

Multiple Choice

Allowing the clerk who checked out customer A handle a return by that same individual ​without presenting the receipt would NOT be an example of which of the following internal controls?

• A)​lack of segregation of duties
• B)​lack of requiring proper documents and records
• C)​lack of independent checks
• D)​lack of an adequate accounting system

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Definitions:

U.S. Bond

A fixed-income security issued by the United States government to support federal spending, characterized by its safety and reliability.

U.S. Net Capital Outflow

Represents the difference between the purchase of foreign assets by U.S. citizens and the purchase of U.S. assets by foreigners in a given period.

International Trade

The exchange of goods and services between countries.

International Finance

International finance is the study of monetary interactions that occur between two or more countries, focusing on areas such as foreign exchange markets, international monetary systems, and cross-border investment flows.