Which of the Following Is Not a Commonly Used Internal

question 169

Multiple Choice

Which of the following is not a commonly used internal control?

• A)Mandatory vacations
• B)Anonymous hotlines
• C)Bonding employees
• D)Consolidating duties

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Definitions:

Net Income

The net income of a company once all costs and taxes are deducted from the total earnings.

Inventory Valuation

The method used to assign cost or value to inventory, impacting how cost of goods sold and inventory are reported.

LIFO

An inventory valuation method that assumes the most recently produced items are the first to be sold, with costs calculated accordingly.

Work in Process

Inventory that includes goods that are in the process of being manufactured but are not yet completed.