Principles of Internal Control Include All of the Following Except

question 42

Multiple Choice

Principles of internal control include all of the following except:

• A)Apply technological controls.
• B)Maintaining security by having one person track and record assets.
• C)Perform regular and independent reviews.
• D)Separate recordkeeping from custody of assets.
• E)Divide responsibilities for related transactions.

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Definitions:

Inventory Balance

The total value of all the goods that a company has in stock at a particular point in time.

Cost Of Goods Sold

The immediate expenses linked to the creation of a company’s sold products, encompassing costs associated with both materials and labor.

Perpetual System

An inventory management system that continuously updates inventory records for each purchase and sale transaction.

Physical Inventory

The process of counting all physical merchandise to verify stock levels and value at a specific point in time.