Payment by Check Is an Important Internal Control Since

question 149

Multiple Choice

Payment by check is an important internal control since:

• A)the check provides a record of the payment.
• B)the check must be signed by an authorized official who should study the evidence supporting the payment.
• C)all checks must be approved by the bank's internal audit department before they are paid.
• D)both A and B are true.

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Definitions:

Intelligence

The mental capacity to learn from experience, solve problems, and use knowledge to adapt to new situations.

Intelligence

The ability to learn, understand, and apply knowledge, reason logically, plan effectively, solve problems, comprehend complex ideas, and adapt to new situations.

Book Learning

Knowledge obtained from reading and studying books, rather than from personal experiences or practical activities.

Malleable

Able to be molded or formed; readily adaptable or easily swayed.