Indicate Which of the Features of an Effective Internal Control

question 19

Multiple Choice

Indicate which of the features of an effective internal control system are involved in the practices set out in the following question.
-Segregation of duties involves:

• A) clearly establishing responsibility lines
• B) maintaining effective records
• C) separating record-keeping from handling of assets
• D) physically protecting sensitive assets.

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Definitions:

Cost Accounting

The process of recording, classifying, analyzing, and allocating all costs associated with a process, product, or project.

Materials Rejected

Refers to goods or supplies that fail to meet the quality or specification requirements and are therefore not accepted by the buyer or receiving entity.

Common Causes

Factors or conditions that consistently contribute to an outcome or result, often assessed in process improvement and quality control.

Process Change

Refers to the implementation of new or modified business processes with the aim of improving efficiency, productivity, or quality within an organization.