How Many of These Are Features of Good Internal Control

question 2

Multiple Choice

How many of these are features of good internal control of cash payments?
Separation of record-keeping and the authority to sign cheques
The use of a business bank account allowing all major payments to be made by cheque or electronic transfer
Preparing regular bank reconciliation statements
The use of a petty cash fund to cover small incidental cash payments

• A) One
• B) Two
• C) Three
• D) Four

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Definitions:

Bargain

An agreement between two or more parties as to what each party will do for the other, often involving negotiation on terms and conditions.

Gradual Buildup

The slow accumulation or increase of something over time.

Foot-in-the-door Technique

A persuasion strategy that involves getting a person to agree to a small request as a precursor to making a larger request.

Bait-and-switch Technique

A deceptive marketing strategy where a seller lures customers by advertising a product or service at a low price, then reveals that the specific item is no longer available, offering a more expensive alternative instead.