Which of the following is included in the internal control procedure—documents?
A) Mandatory vacations will improve internal control.
B) Separate the custody of assets from accounting.
C) The invoices and orders must be pre-numbered.
D) A company should purchase a fireproof vault to protect legal documents.
C
Business
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The POP system allows firms to:
A. Purchase securities for up to two years without registration B. Incur only short time delays in selling securities C. Wait for two years before paying for securities D. Offer rights issues to non-existing shareholders
Business
The current market value of a property is $35,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?
A) $560 B) $625 C) $705 D) $740
Business