Allowing Only Certain Employees to Order Goods and Services for the Company

question 58

Multiple Choice

Allowing only certain employees to order goods and services for the company is an example of what internal control procedure?

• A)Segregation of duties
• B)Safeguarding of assets and records
• C)Independent verification
• D)Proper authorizations

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Definitions:

Tax Rate

The percentage at which an individual or corporation is taxed by the government on income, property, or sales.

Maximum Revenue

The greatest amount of income that a company can achieve through the sale of its products or services, optimized through price and quantity.

Equation of Exchange

An economic equation that describes the relationship between the money supply, its velocity, and the level of spending in an economy.

Increase in M

Refers to a rise in the money supply, which can lead to various economic effects such as inflation or lowered interest rates, depending on the context.