Which of the Following Is a Key Element of Internal

question 53

Multiple Choice

Which of the following is a key element of internal control over cash payments?

• A) Making all payments by check.
• B) Authorize and sign checks only after the expenditure is approved.
• C) Reconcile the bank account.
• D) All of these choices

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party, if the latter has relied on that promise to their detriment.

Parol Evidence Rule

A legal rule that excludes the admission of oral statements, written agreements outside the contract, or preliminary agreements in interpreting a written contract.

Parol Evidence Rule

The parol evidence rule is a legal principle that prevents parties in a written contract from presenting external evidence that contradicts or adds to the written terms of the contract.

Statute Of Frauds

A legal concept that requires certain types of contracts to be written and signed in order to be legally enforceable.