Which of the Following Procedures Is the Least Essential Attribute

question 42

Multiple Choice

Which of the following procedures is the least essential attribute of a cash disbursement control system?

• A) Supervision of all cash disbursement and record keeping functions
• B) Establishment of a petty cash system
• C) Use of multiple bank accounts
• D) All disbursements (except petty cash) are required to be made by cheque
• E) Cheques are signed only when supported by adequate documentation and verification

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Definitions:

Efficient Allocation

The process where resources are distributed in a manner that maximizes the net benefits attained through their use.

Socialist Economy

An economic system where the production, distribution, and exchange of goods and services are controlled by the government with the aim of reducing inequality.

Public Ownership

The ownership of assets by the government or public entities rather than by private individuals or companies.

Productive Resources

The factors required for the production of goods and services, usually classified into land, labor, capital, and entrepreneurship.