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:

Symbolic Interactionism

A sociological perspective emphasizing how individuals interpret and act upon social symbols, thus creating shared meanings within human interactions.

Conflict Theory

A theoretical framework that views society as characterized by inequalities and conflicts that produce social change.

Political Decision Making

The process of making decisions that pertain to governance, policy-making, and implementation within a political context.

Economic Decision Making

The process of choosing among alternatives to maximize benefits and minimize costs in financial matters.