Which of the Following Is NOT a Generally Recognized Internal

question 39

Multiple Choice

Which of the following is NOT a generally recognized internal control activity?

• A) separation of the custody and recordkeeping responsibilities for any business activity
• B) internal review of business transactions by the board of directors
• C) internal review of business transactions by the internal auditors
• D) independent verification of the work of one employee by another employee

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Definitions:

Buying Power

The capacity of an individual or group to purchase goods or services, often influenced by income and economic conditions.

Wants

Desires or needs that drive consumer behavior, often going beyond basic necessities.

Demands

Consumer desires for specific goods or services supported by the ability and willingness to pay for them.

Production Era

A period in the history of marketing thought, roughly from the early 20th century until the 1950s, where the focus was on production capabilities and efficiency rather than on meeting the needs of customers.