Which of the Following Are Internal Controls Relating to Accounts

question 35

Multiple Choice

Which of the following are internal controls relating to accounts receivable?
I. Sending monthly statements of account to customers.
II.Reviewing slow paying accounts.
III. Regular reconciliation of the debtors control account and the subsidiary ledger.
IV.Separating the functions of maintaining the accounts receivables with processing of cash receipts.
V.Allowing debtors discount for early settlement.

• A) I III and V only.
• B) I, II and IV only
• C) I, II, III, and IV only
• D) I, II, III, IV and V.

Identify the consequences of prolonged monetary contraction.

Evaluate the influence of special interest groups on policy decisions.

Grasp the theory and application of public choice analysis in economic and political contexts.

Understand the economic implications of trade barriers and protectionist policies.

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Definitions:

Justification

The action of showing something to be right or reasonable, often used in legal and ethical contexts.

Anterior Motive

A motive or reason for action that predates the current situation or decision.

Syphilis

A sexually transmitted infection caused by the bacterium Treponema pallidum, known for its varied and often severe health effects.

Second Categorical Imperative

A principle from Immanuel Kant stating that one should act in such a way that they treat humanity, whether in their own person or that of another, always as an end and never as a means only.