Internal Control Over a Company's Assets Should Include the Following

question 73

Multiple Choice

Internal control over a company's assets should include the following policy:

• A)Responsibilities and duties of employees will be divided.
• B)All cash receipts will be deposited into the bank the same day they arrive.
• C)All cash payments will be made by check (except petty cash).
• D)All of these answers are correct.

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Definitions:

Emancipation

The process by which a minor is legally freed from control by their parents or guardians and the parents are freed from any and all responsibility toward the child.

Legal Control

The authority or power to regulate, direct, or dominate within the bounds of the law, often related to property, contracts, or entities.

Minor

An individual under the legal age of adulthood, usually under 18, with certain restrictions on their legal rights and responsibilities.

Exculpatory Clauses

Provisions in a contract that release one party from liability for wrongful acts or negligence.