Which Day of the Week Should You Expect, on Average

question 54

Multiple Choice

Which day of the week should you expect, on average, to earn the lowest daily rate of return?

• A) Monday
• B) Tuesday
• C) Wednesday
• D) Thursday
• E) Friday

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Definitions:

Separation Of Duties

Separation of duties is a key control in internal systems, aimed at reducing the risk of fraud and errors by ensuring that no single individual has control over all aspects of a financial transaction.

Approves Purchases

Refers to the process or authority given to certain individuals or systems to validate and authorize the acquisition of goods or services for a business or organization.

Journal Entries

The basic record-keeping of a company's financial transactions, recorded in the chronological order.

Paid Voucher File

A collection of documents that record and confirm the payments made by a business, often including purchase orders, receipts, and payment advice.