Which of the Following Statements Concerning Internal Control Is True

question 21

Multiple Choice

Which of the following statements concerning internal control is true?

• A) Double entry accounting is an internal control.
• B) Fraud will be eliminated by good internal control.
• C) Physical counts of stock on hand are not part of internal control procedures.
• D) It is OK to pay accounts out of unbanked receipts as long as a note is made of what has occurred.

Distinguish between probabilistic and deterministic arrivals in queuing contexts.

Analyze the impact of service rates and arrival rates on queuing performance.

Understand customer behavior in queues, including balking, jockeying, and reneging.

Understand the financial benefits of sales discounts and their impact on reducing the delay in cash flow.

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Definitions:

Participatory

Involving or allowing participation or involvement from all members or parts of a group or community.

Satisfied

The feeling of contentment or fulfillment that arises when needs, desires, or expectations are effectively met.

Socioemotional Selectivity Theory

A theory suggesting that as people age, they prioritize emotionally meaningful goals and relationships over acquiring new information or meeting new people.

Older Adults

Individuals in the later stages of life, often considered to be those aged 65 years and older.