Which of the Following Is an Internal Control Procedure Used

question 20

Multiple Choice

Which of the following is an internal control procedure used to safeguard a company's assets?

• A)Timely deposits of cash receipts into a checking account.
• B)Separation of duties.
• C)Reconciliation of the bank statement.
• D)All of these answer choices are correct.

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Definitions:

Time Draft

A type of financial instrument that allows the payer to delay payment until a specified future date, as indicated on the draft.

Sight Draft

A financial document that demands payment on presentation to the drawee.

Promissory Note

A financial document in which one party promises to pay another party a specified sum of money at a specified time.

Fixed Amount

A specified sum of money that does not change or vary.