In the Following Situation,which Internal Control Procedure Needs Strengthening

question 23

Multiple Choice

In the following situation,which internal control procedure needs strengthening?
At Hofstra Services,the junior accountant collects cheques and cash from customers and records the transactions into the Journal.The controller approves the journal entries and bank reconciliations.The treasurer signs cheques and approves contracts.

• A)Competent,reliable and ethical personnel
• B)Assignment of responsibilities
• C)Separation of duties
• D)Documents and records

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Definitions:

Coordinated Means

A strategy or approach involving the organized and integrated efforts of multiple entities or processes to achieve a specific goal.

Goals and Objectives

Targets and specific outcomes that an organization aims to achieve within a specified timeframe.

Code of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.

Product-Market Growth Analysis

A technique for identifying growth opportunities by analyzing existing and potential products and markets.