________ Systematically Limit(s)the Actions and Behaviors of Employees,processes,and Organizational Systems

question 97

Multiple Choice

________ systematically limit(s) the actions and behaviors of employees,processes,and organizational systems to safeguard assets and to achieve objectives.

• A) Internal controls
• B) Collaborative systems
• C) Distributed systems
• D) Augmented reality

Explain the procedures for conducting a bank reconciliation and the rationale behind adjustments to the checkbook balance.

Distinguish between different types of accounts related to petty cash transactions.

Analyze the impact of incorrectly recorded petty cash transactions on financial statements.

Recognize transactions that are appropriate for the petty cash fund and those that are not.

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Definitions:

Microchips

Small, integrated circuits embedded in various devices to provide control, processing, or memory capabilities.

Electronic Fund Transfer Act

A law that protects consumers when they transfer funds electronically, including ATMs, debit cards, and direct deposits.

Smart Cards

Plastic cards embedded with a microprocessor chip, which can store and process data, used for various applications like credit cards and identity verification.

Stored-Value Cards

Prepaid payment cards where a monetary value is stored on the card itself, not in an external account.