Which of the Following Is One of the Overriding Principles

question 46

Multiple Choice

Which of the following is one of the overriding principles of internal control?

• A) Responsibility for accounting and financial duties should be assigned to one responsible officer.
• B) Responsibility for the performance of each duty must be fixed.
• C) Responsibility for the accounting duties must be borne by the audit committee of the company.
• D) All of the options listed here are correct

---

Definitions:

Utility Function

A mathematical representation of how consumers rank different bundles or combinations of goods and services according to the level of satisfaction or utility those combinations provide.

Paasche Price Index

An economic measure that calculates the change in the cost of acquiring a given basket of goods and services in the current period compared to a base period, using the current period quantities as weights.

Doggerel

A term used to describe poetry that is irregular in rhythm, rhyme, or is of a trivial or low quality.

WARP

Stands for the Weak Axiom of Revealed Preference, a criterion used in consumer choice theory to assess whether observed choices are consistent with rational behavior.