Which of the Following Describes the Internal Control Procedure "Assignment

question 36

Multiple Choice

Which of the following describes the internal control procedure "assignment of responsibilities?"

• A)To validate their accounting records, a company should have an audit by an external accountant.
• B)A company should separate the custody of assets from accounting.
• C)The external auditors will monitor internal controls.
• D)A company should have clearly assigned responsibilities for each position.

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Definitions:

FADH2

A reduced form of flavin adenine dinucleotide, a molecule that plays a crucial role in cellular respiration by transporting electrons.

Glycolysis

A metabolic pathway that breaks down glucose into pyruvate, releasing energy and pyruvic acid in the process, occurring in the cytoplasm of cells.

ATP

Adenosine triphosphate. Nucleotide that consists of an adenine base, a ribose sugar, and three phosphate groups. Functions as a subunit of RNA and as a coenzyme in many reactions. Important energy carrier.

Aerobic Respiration

A process in living organisms involving the production of energy, with oxygen as the final electron acceptor, and resulting in the production of carbon dioxide and water.