In the Following Situation,which Internal Control Procedure Needs Strengthening

question 87

Multiple Choice

In the following situation,which internal control procedure needs strengthening?
- Hofstra Services hired a new accountant to be responsible for the petty cash fund and the cash receipts.The newly hired employee has an accounting degree and a criminal record.

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

Grasp the distinction between economic and accounting profits.

Recognize the structure of income distribution in capitalist economies, including the shares for labor and capitalists.

Identify different sources of business risk and distinguish between insurable and uninsurable risks.

Comprehend the factors influencing land values and rent in agricultural settings.

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Definitions:

Nitrogen-Containing

Refers to molecules or moieties that include one or more nitrogen atoms within their structure.

Spectral Data

Information obtained from the analysis of the spectrum of a compound, which can reveal properties such as structure and composition.

Reaction

A process by which substances interact to form new products, which may involve physical state and chemical composition changes.

NMR Protons

Refers to the hydrogen atoms in a molecule that are detectable by nuclear magnetic resonance spectroscopy, providing information on molecular structure.