Which of These Is Not a Principle of Internal Control

question 3

Multiple Choice

Which of these is not a principle of internal control?

• A) Separation of record keeping and custody of assets
• B) Division of responsibility for related transactions
• C) Establishing clear lines of responsibility
• D) Placing excess cash on fixed deposit to earn interest

Grasp the concept and examples of personal and real property.

Understand the definition and legal implications of conversion.

Recognize the definition and examples of trespass to land.

Identify different torts against property and their elements.

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Definitions:

Contractual Liability

The liability that individuals or entities have to one another as a result of entering into an agreement.

Common Law

A system of law based on precedent and customs rather than statutory laws.

Gap-Filling Rules

Provisions in law that allow courts or parties to fill in missing terms in a contract.

Sale Of Goods

The transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of service.