When Two Clerks Share the Same Cash Register,which Internal Control

question 117

Multiple Choice

When two clerks share the same cash register,which internal control principle is violated?

• A)Establish responsibilities
• B)Maintain adequate records
• C)Insure assets
• D)Bond key employees
• E)Apply technological controls

---

Definitions:

Household Objective

Household objective often refers to the financial or lifestyle goals and priorities set by a household, such as achieving savings, buying a home, or securing education for children.

Wealth

The total value of all financial assets and physical possessions owned by an individual, household, or nation, exceeding all its liabilities.

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made to choose one option over another.

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.