At Carlson Services, the cashier collects checks and cash from customers, and the junior accountant records the transactions in the journal. The controller approves the journal entries and bank reconciliations. The treasurer signs checks and approves contracts. Which internal control procedure is exemplified in the above situation?
A) assignment of responsibilities
B) competent, reliable, and ethical personnel
C) separation of duties
D) documents
C) separation of duties
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Indicate whether the statement is true or false
Quality management systems and standards ______.
A. are standards made global through the International Organization for Standardization B. have the same technology or infrastructure requirements in different countries C. can be readily applied, without modification, across different countries D. can be challenging to transplant from one country to another because different cultures place different emphasis on quality
Internal databases usually can be accessed more quickly and cheaply than other information sources
Indicate whether the statement is true or false
A purchase of merchandise for $100 with a trade discount of 5% would require a debit to purchases of:
a. $100. b. $105. c. $95. d. none of the above.