For the Following Situation,state Whether It Represents a Strength or Weakness

question 57

Essay

For the following situation,state whether it represents a strength or weakness in internal control and give the reason for your answer.
The mailroom employee opens all incoming mail.Customers' checks are sent to the treasurer,and remittance advices are sent to the accounting department.The controller compares the daily bank deposit amount from the treasurer and the daily debit to cash from the accounting department.

Understand the difference between a centrally planned economy and a market economy.

Describe the principle of the "invisible hand" and its impact on market outcomes.

Explain the concept of externality and its significance in economics.

Evaluate economic performance and standard of living across countries.

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Definitions:

Intangible Assets

Non-physical assets of value owned by a business, such as intellectual property, brand recognition, and goodwill.

Mergers

The combination of two or more companies into a single entity, where one survives and the others cease to exist independently.

Consolidations

The process of combining two or more entities into one, typically to streamline operations and reduce costs.

Liabilities

Financial obligations or debts that a company or individual owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.