Which Internal Control Procedure Is Followed When a Physical Count

question 29

Multiple Choice

Which internal control procedure is followed when a physical count of inventory is performed in a perpetual inventory system?

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

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Definitions:

Modified T-account

A modified T-account is a version of the traditional T-account used in accounting, adapted to include adjustments or additional information for clearer financial analysis.

T-account Close

A closing technique in sales where pros and cons are weighed against each other, similar to entries in a T-account, to assist in decision-making.

Continuous-agreement

An ongoing contract that renews automatically until explicitly terminated by one party.

Sales Presentations

Structured and often persuasive presentations aiming to convince potential buyers to purchase a product or service.