Which of the Following Internal Controls Can Be Applied to the Sales/collection

question 17

Multiple Choice

Which of the following internal controls can be applied to the sales/collection process based on the role and purpose of the process?

• A)Separation of duties
• B)Bank reconciliation
• C)Both separation of duties and bank reconciliation
• D)Neither separation of duties nor bank reconciliation

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Definitions:

Avoid Obligations

Acts or strategies aimed at legally bypassing or evading responsibilities, duties, or liabilities one is bound to.

United Nations Convention

An international treaty formed under the auspices of the United Nations, aimed at addressing global issues through mutual agreement among member states.

International Sale Of Goods

The sale transaction of goods between parties located in different countries, governed by various international laws and conventions.

Consequential Damages

Indirect losses or damages that result from a breach of contract, beyond the immediate harm.