List the principles of internal control.
What will be an ideal response?
Principles of internal control include establishing responsibilities, maintaining adequate records, insuring assets and bonding employees, separating recordkeeping from custody of assets, dividing responsibilities for related transactions, applying technological controls, and performing regular independent reviews.
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Funds on deposit and available for use are known as good funds
Indicate whether the statement is true or false
A(n) ______________________________ is a business document used by the payer to notify the payee of the items being paid
Fill in the blank(s) with correct word
When qualifying sales prospects, Jason places each lead in one of four baskets ranging from A to D with A leads the best and D leads the worst. Using this method of categorization, the appropriate strategy for "A" leads would be:
A) do nothing currently, but monitor the lead for possible future changes B) contact the lead using telemarketers C) receive a sales call from one of the firm's salespeople D) send the lead marketing materials and encourage them to make inquiries if they are interested
A component fails 100 times in 6,000 hr of operation. The MTBF of the system is ______.
A. 40 hr B. 60 hr C. 32 hr D. 55 hr