Which of the Following Is Not a Common Internal Control

question 31

Multiple Choice

Which of the following is not a common internal control procedure over cash payments?

• A)A receipt should be provided to each cash customer
• B)Checks should be properly authorized with approval signatures
• C)All checks should be prenumbered
• D)Voided checks should be defaced and retained

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Definitions:

19th Payment

Refers to the nineteenth installment in a series of scheduled payments for a loan or mortgage.

Compounded Semi-Annually

The calculation of interest where the frequency of compounding is twice a year, leading to interest on interest during these periods.

Reduction of the Principal

The process of decreasing the initial amount of money borrowed or invested over time.

10th Payment

The tenth installment of a series of payments in a loan or mortgage.