Answer Happy

Q2 1. Which of the following describes the internal control procedure "assignment of responsibilities"? A) To validate their accounting records, a company should have an audit by an external accountant. B) Separate the custody of assets from accounting. C) External auditors monitor internal controls. D) with clearly assigned responsibilities, all important jobs get done. 2. Which of the following describes the internal control procedure "separation of duties"? A) Cashiers must not have access to accounting records. B) External auditors will monitor internal controls. C) The information system is critical. D) Prenumber invoices and other documents. 3. Which of the following describes the internal control procedure "proper documents"? A) Mandatory vacations will improve internal control. B) Separate the custody of assets from accounting. C) Prenumber invoices and other documents. D) A company should purchase a fireproof vault.