Internal Control Over a Company's Assets Should Include the Following

question 73

Multiple Choice

Internal control over a company's assets should include the following policy:

• A)Responsibilities and duties of employees will be divided.
• B)All cash receipts will be deposited into the bank the same day they arrive.
• C)All cash payments will be made by check (except petty cash).
• D)All of these answers are correct.

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Definitions:

Social Security Payments

Regular payments made by the government to support individuals who are retired, disabled, or otherwise entitled to receive such benefits according to social welfare programs.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price.

Excise Tax

A tax imposed on specific goods, such as tobacco and alcohol, usually aimed at reducing consumption of these goods or generating revenue.