Which Internal Control Principle Prescribes the Use of Pre-Numbered Printed

question 69

Multiple Choice

Which internal control principle prescribes the use of pre-numbered printed checks?

• A) Technological controls.
• B) Divide responsibility for related transactions.
• C) Establish responsibilities.
• D) Perform regular and independent reviews.
• E) Maintain adequate records.

Identify the binding nature of interpretative and legislative rules on private parties and the courts.

Recognize the role of Congress in the appointment and removal of agency administrators.

Understand the exceptions to procedural requirements in administrative rulemaking.

Recognize the checks on administrative agency activities, including judicial review limits and transparency laws.

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Definitions:

Real Wages

Wages or salaries adjusted for inflation, reflecting the true purchasing power of income.

Potential Output

The economy’s maximum sustainable output, given the supply of resources, technology, and rules of the game; the output level when there are no surprises about the price level.

Natural Rate

The natural rate refers to the long-term unemployment rate that an economy experiences under normal conditions, unaffected by short-term cyclical fluctuations.

Full-Employment

A scenario where an economy utilizes all accessible labor resources in the most optimized manner.