Prenumbered Printed Cheques Are an Example of Which Internal Control

question 3

Multiple Choice

Prenumbered printed cheques are an example of which internal control principle?

• A) Technological controls.
• B) Maintain adequate records.
• C) Perform regular and independent reviews.
• D) Technological controls and maintain adequate records.
• E) All of these answers are correct.

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Definitions:

Journalize

The act of recording transactions in the journal as part of the accounting process.

Office Equipment

Tangible property like desks, computers, and machinery used in an office for operations.

Fair Market Value

The price at which an asset would change hands between a willing buyer and seller, both having reasonable knowledge of the relevant facts and neither being under any compulsion to buy or sell.

Ownership Transfer

The act of transferring the title or rights of property from one party to another.