9/14/2023 0 Comments Linkedin pricing lkevels![]() ![]() Which is not an example of an internal control activity? What do you call a situation where more than one person collaborates to circumvent existing internal controls? Both accruals and deferrals are not expected past cash receipts and payments.Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.Both accruals and deferrals are both expected future cash receipts and payments.Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.Which answer best describes accruals and deferrals? direct materials, direct and indirect labor, and variable overhead.direct materials, direct labor, and both variable and fixed overhead.direct materials, indirect labor, and variable and fixed overhead.direct materials, direct and indirect labor, and fixed overhead.What does the cost of a unit of product under absorption costing method consist of? A person who has operational responsibility should not authorize transactions for the area.A person who has record-keeping responsibility should not make journal entries.A person who has temporary or permanent custody of an asset should not account for that asset.A person who has control over an asset should not safeguard that asset.Which choice is a general guideline for adequate separation of duties to prevent both fraud and error? ![]() Which month should the business recognize the expense? The business uses accrual-based accounting. The retailer pays the invoice on April 1. On March 15, a business receives an invoice from the power company for utilities used in February. Internal controls may be preventative, detective, corrective, or directive.
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