Which of These Is an Accurate Paraphrase of This Company

question 32

Multiple Choice

Which of these is an accurate paraphrase of this company policy: "Returns will only be accepted within 60 days of purchase with a receipt. After 60 days, no returns or exchanges will be made"?

• A) "You can return things within 60 days."
• B) "No returns will be made without a receipt."
• C) "You can return things to this store."
• D) "If you want to return something, you must do so within two months, and you must have your receipt."

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Definitions:

Control Environment

The set of standards, processes, and structures that provide the basis for carrying out internal control across the organization.

Reasonable Assurance

An acceptable level of certainty or confidence in the accuracy of financial statements, provided by internal controls.

Petty Cash Fund

A small amount of cash on hand used for covering minor or incidental expenses in a business.

Cash Short

A situation where the actual amount of cash on hand is less than the recorded amount in the accounting records.