Which of the Following Is Not an Important Principle for the Control

question 59

Multiple Choice

Which of the following is not an important principle for the control of cash payments?

• A) Only senior staff should have the authority to approve invoices for payment.
• B) Cheques should be written out promptly even if the invoice is not yet provided.
• C) Random checks on the balance of the petty cash fund.
• D) Employees who receive delivery of the goods should not be involved in recording the invoices into the accounting system.

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Definitions:

Industry Standard

Accepted norms and practices within a particular industry, often used as benchmarks for quality and performance.

Virtual Monopoly

A virtual monopoly occurs when a company has majority control over a market or industry, significantly influencing prices and competition, even if it's not a complete monopoly.

National Football League

The National Football League (NFL) is a professional American football league comprised of 32 teams, divided equally between the National Football Conference (NFC) and the American Football Conference (AFC).

Optimum Efficiency

The state in which a system or process operates at its highest possible productivity level with the least waste of resources.