When Two Clerks Share the Same Cash Register,which Internal Control

question 117

Multiple Choice

When two clerks share the same cash register,which internal control principle is violated?

• A)Establish responsibilities
• B)Maintain adequate records
• C)Insure assets
• D)Bond key employees
• E)Apply technological controls

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Definitions:

Margins

The difference between the cost of a product or service and its selling price, indicating the profit margin.

Intent of the Parties

The true desire or purpose behind the actions or agreements made by parties in a legal context.

ESIGN

The Electronic Signatures in Global and National Commerce Act, which facilitates the use of electronic records and signatures in interstate and foreign commerce.

E-commerce

The buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.