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:

Form 1099-MISC

Form 1099-MISC is a document used in the U.S. to report payments made to freelancers, independent contractors, and other non-employee services.

QBO Payroll

A feature within QuickBooks Online (QBO) that helps businesses manage payroll services, including the calculation of employee pay and filing taxes.

Mobile Payroll App

An application designed for mobile devices that allows employers to process payroll, calculate deductions, and manage employee payments remotely and on the go.

Payroll Processing

Payroll processing involves the management of financial records for a company’s employees, including salaries, wages, bonuses, deductions, and net pay.