Principles of Internal Control Include All of the Following Except

question 94

Multiple Choice

Principles of internal control include all of the following except:

• A) Apply technological controls.
• B) Maintaining security by having one person track and record assets.
• C) Divide responsibilities for related transactions.
• D) Separate recordkeeping from custody of assets.
• E) Perform regular and independent reviews.

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Definitions:

Absolute Advantage

The ability of a country, individual, or firm to produce a good more efficiently than another entity using the same amount of resources.

Comparative Advantage

An economic theory that suggests that countries or entities gain and benefit from trading if they specialize in producing goods for which they have a lower opportunity cost.

Trade

The act of buying, selling, or exchanging goods and services between people or entities, within or across borders.

Willingness-To-Pay

The maximum amount that a consumer is prepared to pay for a good or service.