In the Following Situation,which Internal Control Procedure Needs Strengthening

question 121

Multiple Choice

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

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

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Definitions:

Social Responsibility Continuum

A range that depicts the varying degrees to which businesses may engage in acts intended to benefit society, from minimal to extensive involvement.

State Uncertainty

Refers to the inability to predict future states of the environment, making decision-making challenging due to unknown variables.

Environmental Forces

External factors such as social, economic, technological, competitive, and regulatory conditions that affect an organization's operations and outcomes.

Organizational Responses

The ways in which organizations react to changes in their internal and external environments.