Which of the Following Is Included in the Internal Control

question 133

Multiple Choice

Which of the following is included in the internal control procedure-documents?

• A) Mandatory vacations will improve internal control.
• B) Separate the custody of assets from accounting.
• C) The invoices and orders must be pre-numbered.
• D) A company should purchase a fireproof vault to protect legal documents.

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Definitions:

Initial Price

The starting price at which a product, asset, or service is first offered to the market.

Skimming Pricing Policy

A pricing strategy where a high price is set for a new product to maximize profits from market segments willing to pay more.

High Quality

Describes products or services that meet or exceed consumer expectations and standards in performance, durability, and satisfaction.

Price-sensitive

Referring to the characteristic of consumers whose buying decisions are greatly influenced by the price of a product or service.