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:

Pearson Correlation Coefficient

The Pearson Correlation Coefficient is a measure of the linear correlation between two variables, ranging from -1 to +1, where 1 means a perfect positive correlation and -1 means a perfect negative correlation.

Negative Numbers

Numbers less than zero, represented by a minus (-) sign.

Critical Values

Specific points on the scale of a test statistic that determine the threshold for rejecting a null hypothesis.

Two-Tailed

Two-Tailed tests in statistics are used to determine if there is either a positive or negative effect, and the significance is checked in both directions of the distribution.