Which of the following is a weak internal control over cash collections from receivables?
A) The credit department should have no access to cash.
B) A credit department should evaluate customers' credit applications to determine whether they meet the company's approval standards.
C) A company should have written approval standards for processing customers' credit applications.
D) In order to avoid losing sales, all customers' credit applications should be approved.
D
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The text describes six internal control activities. List four of them and provide a specific example of each one
Only offshore oil facilities that discharge oil into navigable waters are liable for the clean-up costs.
Answer the following statement true (T) or false (F)
To whom does a large, publicly held corporation and its management have obligations?
A) The corporation's shareholders B) Its employees, customers, and suppliers C) Communities in which the corporation is located D) All of these.
Independence is required of a CPA performing:
A. Attestation services, but not other professional services. B. Audits, but not any other professional services. C. Attestation and tax services, but not other professional services. D. All professional services.