In the Following Situation,which Internal Control Procedure Needs Strengthening

question 23

Multiple Choice

In the following situation,which internal control procedure needs strengthening?
At Hofstra Services,the junior accountant collects cheques and cash from customers and records the transactions into the Journal.The controller approves the journal entries and bank reconciliations.The treasurer signs cheques and approves contracts.

• A)Competent,reliable and ethical personnel
• B)Assignment of responsibilities
• C)Separation of duties
• D)Documents and records

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Definitions:

Nauplius Larva

A nauplius larva is the first larval stage of many crustaceans, characterized by its simple structure and three pairs of appendages.

Crustaceans

Members of a subphylum that includes lobsters, crabs, shrimp, barnacles, and their relatives.

Echinoderms

A phylum of marine animals characterized by radial symmetry, a calcareous skeleton, and a water vascular system; includes starfish, sea urchins, and sea cucumbers.

Parasitizes

Describes the action of living as a parasite in or on another organism, exploiting the host for sustenance without mutual benefit.