Which of the Following Is an Attribute of the Internal

question 42

Multiple Choice

Which of the following is an attribute of the internal control procedure-competent,reliable,and ethical personnel?

• A) providing cross training to allow sales personnel to record revenue transactions
• B) the need to train and supervise employees
• C) monitoring of internal controls by external auditors
• D) purchase of burglar alarms

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Definitions:

Personal Guarantee

A guarantee of payment for another’s obligation.

Closely Held

A closely held company is one whose shares are held by a small group of individuals or entities, often involving family ownership or a small group of investors.

Major Shareholders

Individuals or entities that own a significant proportion of a company's shares, giving them substantial influence.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with particular responsibilities, typically involving financial management or care.