For the Most Effective Internal Control, Monthly Bank Statements Should

question 14

Multiple Choice

For the most effective internal control, monthly bank statements should be received directly from the banks and reviewed by the

• A) Controller.
• B) Cash receipts accountant.
• C) Cash disbursement accountant.
• D) Internal auditor.

Calculate the gain or loss on the retirement of bonds.

Manage accounting for installment notes including the recording of issuance and installment payments.

Understand the process and accounting for the issuance of installment notes and the related annual installment payments.

Comprehend the accounting methods and procedures for the issuance, amortization, and retirement of bonds.

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Definitions:

Empathetic Listening

The skill of understanding and sharing the feelings of another person by fully concentrating on their words and emotional expressions.

Clarifying

The process of making a statement or situation less confused and more comprehensible.

70/30 Principle

A guideline suggesting that effective communication should involve roughly 70% listening and 30% talking.

Active Listeners

Individuals who make a conscious effort to hear not only the words that another person is saying but, more importantly, to understand the complete message being communicated.