Answer:
B. No, approval by an individual other than the requestor establishes greater accountability over inventory.
Explanation:
This step is required as it will ensure control over inventory usage.
Answer:
The correct answer to the following question is option C) compare the daily cash receipts totals with the bank deposits.
Explanation:
When cash receipts are received by a company, it is often deposited in bank on the bank the same day they are received or they should be deposited the following business day. If a auditor or a manger or owner wants to make sure that the cash is promptly deposited everyday, then one way in which he or she can make sure that this is happening promptly is by comparing the daily cash deposits with the bank deposits or bank statements, through this procedures a person comparing them would come to know of any discrepancy in cash deposit, if it exist.
Answer:
C
Explanation:
Here both statements I and II represent a principal's duty to an agent who works on a commission basis.
that is The principal is required to maintain pertinent records and pay the agent according to the terms of their agreement and also he is required to reimburse the agent for all authorized expenses incurred unless the agreement calls for the agent to pay expenses out of the commission.
Hence, option C is correct
