Company Policy for Internal Control Should Include All of the Following

question 91

Multiple Choice

Company policy for internal control should include all of the following except:

• A)Employees will be rotated.
• B)Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.
• C)The owner (or responsible employee)signs all checks after receiving authorization to pay from the departments concerned.
• D)At time of payment,all supporting invoices or documents will be stamped "paid."

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Definitions:

Changing Cell

In spreadsheet applications, a cell whose value is altered based on changes in a formula or as part of a scenario analysis.

Objective Cell

In optimization and spreadsheet software, the cell that contains the formula that is to be maximized or minimized.

Goal Seek

A function in spreadsheet software that finds the input value needed to achieve a specific goal or result in a formula.

What-If Analysis

A process or feature in spreadsheet and analytical software that allows users to predict the outcome of a particular action or scenario by changing variables.