Which of the Following Is an Attribute of the Internal

question 94

Multiple Choice

Which of the following is an attribute of the internal control procedure-assignment of responsibilities?

• A) To validate their accounting records, a company should have an audit by an external accountant.
• B) The company should separate the custody of assets from accounting.
• C) The external auditors will monitor internal controls.
• D) Each position has clearly assigned responsibilities.

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Definitions:

Philosophical Conservatives

Individuals who emphasize tradition, order, and social stability, advocating for limited government intervention in the economy and society.

Contributory Programs

Government welfare programs that require individuals to contribute through taxes or other payments in order to be eligible for benefits, such as Social Security.

Noncontributory Programs

Government programs that provide welfare benefits not based on the recipients' prior contributions or taxes.

Tax Expenditures

Government revenue losses attributed to tax laws that allow special exclusions, exemptions, or deductions.