Which Internal Control Activity Is Being Violated When the Cashier

question 102

Multiple Choice

Which internal control activity is being violated when the cashier in a retail store also records the daily receipts in a journal?

• A) segregation of duties
• B) adequate documents and records
• C) independent checks on recorded amounts
• D) safeguards over assets and records

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Definitions:

Elasticity of Demand

A quantification of how price changes influence the amount of a good that is demanded.

Marginal Cost

The supplementary cost involved in creating one more unit of a product or service.

Monopoly

A monopoly is a market structure characterized by a single seller controlling a large portion of the market, lacking significant competition, and often able to influence prices.

Natural Monopoly

A market structure where a single firm can produce the entire market's supply at a lower cost than could multiple firms due to economies of scale.