Which of the Following Statements Is One of the Overriding

question 20

Multiple Choice

Which of the following statements 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

Understand the significance of health care legislation and regulatory acts.

Identify the role and impact of various health care provider organizations.

Understand the importance of quality improvement and consumer protection in health care.

Recognize the role of complementary and alternative therapies in the health care system.

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Definitions:

Operating Cycle

The amount of time it takes for a company to purchase inventory, sell it, and convert the sale back into cash.

Average Payment Period

The average time it takes a company to pay off its accounts payable.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.

Average Sales Period

The average amount of time it takes for a company to sell its inventory, which can reflect its inventory management efficiency.