All of the Following Are Significant Deficiencies Except

question 60

Multiple Choice

All of the following are significant deficiencies except:

• A) Absence of appropriate reviews of transactions.
• B) Evidence of willful wrongdoing by lower-level employees.
• C) Inadequate provisions for safeguarding assets.
• D) Inventory is highly subject to obsolescence.

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Definitions:

Current Assets

Assets of a business that are expected to be converted into cash, sold, or consumed within one year or within the business's operating cycle, whichever is longer.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Financial Management

The practice of planning, organizing, directing, and controlling the financial activities such as procurement and utilization of funds of an enterprise.

Company's Funds

The assets or money that a company possesses for the purpose of conducting its business activities.