Which of the Following Is NOT a Benefit to Be

question 31

Multiple Choice

Which of the following is NOT a benefit to be derived from an efficient system of internal control?

• A) Assets are protected against damage or loss.
• B) Defalcations are completely eliminated.
• C) The conduct of the business is more orderly.
• D) Errors are identified and corrected on a timely basis.

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Definitions:

Double-Entry Bookkeeping

An accounting system in which the recording of each transaction affects two or more accounts and the total of the debits is equal to the total of the credits.

Debiting

The process of recording an entry on the left side of the accounting ledger, which increases asset or expense accounts and decreases liability, equity, or revenue accounts.

Crediting

The process of making an entry on the right side of an account in double-entry bookkeeping, indicating an increase in liabilities, equity, or revenue, or a decrease in an asset or expense.

Salaries Payable

A liability account representing amounts owed to employees for work performed and not yet paid.