Answer:
False
Explanation:
The product specification should include constituent and its proportion in the product. This detail is missing in the statement and hence it is false.
Approved substitutes need not be mentioned on the specification thus corroborating the fallacy of the statement
Answer:
All of these answer choices are correct
Explanation:
All of the answer choices are correct in relation to an internal control procedure used to safeguard a company's assets
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<u>1.Timely deposits of cash receipts into a checking account </u>
Daily deposits of all cash receipts to produce a timely independent record of the cash received. <u>It also reduces the likelihood of cash theft and the risk that an employee could personally use the money</u> before depositing it.
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<u>2.Separation of duties </u>
Generally in business and accounting, segregation of duties serves two key purposes. These purposes include <u>assurance that you are able to review and catch errors easily if there is an oversight and it also prevents theft and fraud.</u>
<u>3.Reconciliation of the bank statement </u>
Reconciliation is a fundamental accounting process that ensures the actual money spent matches the money leaving an account at the end of a period. <u>This is important for businesses to inspect fraudulent activity and to prevent financial statement errors.
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Answer:
True
Explanation:
Performance management refers to defining criteria for evaluation of performance.
It involves processes via which employees and managers work in coherence to plan and review work objectives of different employees and how effectively they contribute towards organizational goals and objectives.
Such a process is responsible for evaluating the performance of employees with respect to their respective contribution towards goals and involves measuring such performance as per the standards to performance.
The process helps in identifying performance deviations from expected standards and the corrective action which is required to be taken.
