Which of the following would offer the best protection for a company that wishes to prevent a reoccurrence of a previously detected "lapping" problem with trade accounts receivable?
A) Separate duties so that the bookkeeper in charge of the general ledger has no access to incoming mail.
B) Separate duties so that no employee has access to both checks from customers and currency from daily cash receipts.
C) Have a mandatory vacation policy for employees who both handle cash and enter cash receipts into the system.
D) Request that customer's payment checks be made payable to the company and addressed to the treasurer.
C
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Which of the following is a requirement set for employers under the FASB standards?
A. Employers must fund benefits on a pay-as-you-go basis. B. Benefits must not appear as future cost obligations. C. Employers should encourage employees to participate in management functions. D. Financial statements should be made in such a way that outsiders cannot understand them. E. Employers must set aside the funds they expect to need for benefits to be paid after retirement.
Prototypes are diagrammatic representations of a business model
Indicate whether the statement is true or false.