In the Following Situation, Which Internal Control Procedure Needs Strengthening

question 119

Multiple Choice

In the following situation, which internal control procedure needs strengthening? At Syria 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:

Absolute Liability

Absolute liability refers to a legal responsibility for damages or injury, even in the absence of fault or negligence.

Personal Injury

Harm to a person's body, emotions, or reputation, as opposed to damage to property, often the basis of legal claims.

Property Damage

entails harm or destruction to physical assets, including real estate and personal property, which can result in loss of value or function.

U.S. Discrimination Laws

Laws that prohibit discrimination on the basis of race, color, religion, sex, national origin, age, disability, or genetic information.