All of the Following Are Important Controls Over Credit Memos

question 42

Multiple Choice

All of the following are important controls over credit memos except:

• A)proper segregation of duties to ensure that sales discounts taken were earned.
• B)credit memos should be approved by someone other than whoever initiated it.
• C)credit memos should be supported by a receiving document for returned goods.
• D)proper segregation of duties between access to customer records and authorizing credit memos.

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Definitions:

Executive Order

A directive issued by the President of the United States that manages operations of the federal government.

Segregated Federal

Policies or practices within federal institutions that separate people based on race.

NAACP-sponsored Bill

Legislation backed by the National Association for the Advancement of Colored People, aimed at securing civil rights and eliminating racial discrimination and prejudice.

Lynching

The illegal execution of an individual by a mob, often by hanging, without legal trial, historically used as a method of terrorizing Black communities in the United States.