Which of the Following Is Not a Common Internal Accounting

question 88

Multiple Choice

Which of the following is not a common internal accounting control procedure in a property business process?

• A) Having physical inventories of property taken periodically under the supervision of staff who are responsible for the custody of the assets
• B) Requiring authorization by an official or committee for expenditures over a certain amount
• C) Reconciling detailed subsidiary property records with the control accounts at least annually
• D) Having the property appraised periodically for insurance purposes

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Definitions:

Modern View of Technological Advance

This refers to the contemporary understanding that technological progress is a key driver of economic growth, influencing productivity, business models, and societal changes.

Profit Incentives

Motivations for businesses and individuals to increase their earnings and achieve financial gains, often driving economic activities and innovation.

Market System

(1) An economic system in which individuals own most economic resources and in which markets and prices serve as the dominant coordinating mechanism used to allocate those resources; capitalism. Compare with command system. (2) All the product and resource markets of a market economy and the relationships among them.

Retained Earnings

Profits that a company keeps after dividends are paid out to shareholders, often used for reinvestment in the business or to pay off debt.