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:

Proximity

The physical or psychological closeness or distance between people, objects, or concepts, affecting relationships and interactions.

Familiarity

refers to the level of knowledge or recognition that an individual has about a certain concept, object, or person, often resulting from prior experience or exposure.

Self-fulfilling Prophecy

A belief that leads to its own fulfillment due to the behavior of the believer or others.

External Attribution

The process of explaining someone's behavior by referring to external conditions or situations outside of the person's control.