In a Properly Designed Internal Control System, the Same Employee

question 94

Multiple Choice

In a properly designed internal control system, the same employee may be permitted to:

• A)receive and deposit checks and also approve write-offs of customer accounts.
• B)approve vouchers for payment and also sign checks.
• C)reconcile the bank statements and also receive and deposit cash.
• D)sign checks and also cancel supporting documents.

---

Definitions:

Demand Decrease

A downward shift in the demand curve for a product, indicating that consumers now desire less of it at every price.

Supply Increase

A rise in the quantity of a product or service that is available for purchase, which can affect market prices and demand levels.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market equilibrium.

Surplus

An excess amount of something, often referring to goods, services, or resources that exceed what is needed or used.