Which internal control activity is followed when a physical count of inventory is performed under a perpetual inventory system?
A) Segregation of duties
B) Physical security
C) Independent verification
D) Establishing responsibility
B
You might also like to view...
As part of good internal control, disbursements can be made either by check or cash
a. True b. False Indicate whether the statement is true or false
Discuss the need to understand competitors as well as customers through competitor analysis
What will be an ideal response?
On April 1, Year 1, Seaside Bookstore bought an insurance policy costing $48,000 that would insure the retail building for two years against fire loss. What asset account and what amount are recorded on the balance sheet at December 31, Year 1?
a. Prepaid Insurance, $30,000 b. Insurance Expense, $30,000 c. Prepaid Insurance, $18,000 d. Insurance Expense, $18,000 e. Insurance Expense, $9,000
When a meeting leader asks for “push back,” he/she is asking the meeting members to ______.
A. criticize his/her ideas B. leave C. sit up straighter D. agree on the next step