Each of the Following Is a Feature of Internal Control

question 67

Multiple Choice

Each of the following is a feature of internal control, except

• A) recording of all transactions.
• B) a sound marketing plan.
• C) sound personnel policies.
• D) separation of duties.

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Definitions:

Deficit

The shortfall that occurs when expenses exceed income or revenues.

IFRS

International Financial Reporting Standards, a set of accounting standards for financial reporting that is accepted globally.

Statement of Changes

A financial document that outlines the reasons for changes in equity, including transactions with owners and comprehensive income, over a period.

Retained Earnings

The portion of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business or to pay debt.