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:

Trust Fund

A legal entity that holds and manages assets on behalf of another person or group, often used for estate planning or to distribute assets according to the trust creator's wishes.

Rate of Return

The gain or loss on an investment over a specific period, expressed as a percentage of the investment’s cost.

Scholarships

Financial awards given to students based on academic or other achievements to support their education.

Present Value

The valuation now of money anticipated in the future or continuous cash flows, when calculated with a specified return rate.