Which of the Following Internal Control Procedures Will Most Likely

question 94

Multiple Choice

Which of the following internal control procedures will most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable?

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

Understand the principles and benefits of using various mediums (like handouts) for effective communication during workshops.

Identify the steps an organization should follow during a crisis to manage situations effectively.

Comprehend the essential components of an effective presentation structure.

Understand the preparation and planning required for making successful team presentations to external stakeholders.

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Definitions:

Exaggerated

Describes something that is overstated or made to seem more important or serious than it actually is.

Gambler's Fallacy

The incorrect idea that an increased frequency of an event in a certain period means it will happen less often later on, or the reverse.

Provincial Lottery

A gambling game managed at the provincial level where players buy tickets for a chance to win prizes based on drawn numbers.

Draw

In the context of games or competitions, it refers to a contest ending without a winner or in a tie; in art, it means to produce an image using pencils, pens, or other tools.