Which of the Following Is the Basic Internal Control Measure

question 178

Multiple Choice

Which of the following is the basic internal control measure for cash?

• A)keeping money in a bank account
• B)checking for counterfeit bills
• C)counting cash receipts twice
• D)internal audit of cash procedures

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Definitions:

Perfectly Inelastic

A market condition where the quantity demanded or supplied does not change in response to price changes.

Deadweight Loss

An economic inefficiency that occurs when the total welfare in a market is not maximized, resulting from distortions such as taxes, subsidies, or monopolies.

Excise Tax

A tax imposed on specific goods, services, or activities, often included in the price of products like tobacco, alcohol, and fuel, designed to discourage their use or generate revenue.

Perfectly Inelastic

A market condition where demand does not change regardless of changes in price.