Vaughn Services hires a new accountant to maintain its petty cash fund. Although the employee possesses an accounting degree, he/she had been previously convicted of embezzlement
Which internal control procedure needs to be addressed in the above situation?
A) assignment of responsibilities
B) competent, reliable, and ethical personnel
C) separation of duties
D) documents
B
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Which of the following explains stretching out the life cycle?
A) Increasing the duration of the present stage of the PLC. B) Using the strategies of the previous stage in the next stage. C) Looking ahead to the next stage and planning changes in the product. D) Using the strategies of the decline stage in the growth stage.
Household purchases are recorded through electronic scanners in supermarkets for which of the following syndicated services?
A) surveys B) media panels C) scanner volume-tracking data D) audit services E) sales tax monitoring
A _____ is used to record properly the effects of an event or transaction that was improperly recorded during the accounting period
a. reversing entry b. preliminary entry c. closing entry d. correcting entry e. none of the above
What is the CEO and CFO provision laid out by the Sarbanes-Oxley Act of 2002?
What will be an ideal response?