The Following Set of Items Describes Activities Completed by a Company

question 126

Multiple Choice

The following set of items describes activities completed by a company in purchasing and paying for merchandise and in collecting cash for merchandise sales. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. (Choices may be used more than once.)
-A mailroom employee opens the mail, counts the money received, and updates the accounting records for the amount received.

• A)Adheres to sound internal controls
• B)Violates sound internal controls
• C)Neither strengthens nor violates internal control

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Definitions:

Value of Degrees

The perceived or actual benefit and importance of academic degrees in terms of career opportunities, earnings potential, and personal advancement.

Eminent Domain

The right of federal, state, and local governments, or other public bodies, to take private lands, with compensation to their owners, for public use. Also called condemnation.

Privately Owned Land

Land that is owned by individuals or entities, not by the government or public sector.

Community Purposes

Refers to the aims, goals, or objectives that benefit the general public or communal groups within society.