Internal controls are most effective when O A. a company has cash as its only asset OB. collusion is possible O C. employees at all levels adopt the goals and objectives of the organization OD. the organization is constantly changing Persons who authorize transactions should not handle the related asset. This is an example of which characteristic of internal control? O A. competent, reliable, and ethical personnel O B. proper authorization OC. separation of duties OD. assignment of responsibilities Click to select your answer Laoshan Company uses a cash payments journal for all its payments by cheque. At the end of December, the journal shows the following information (Click on the icon to view the journal) When this journal is posted, what entry will be made to the accounts payable control account? O A. credit $4,800 - X Journal OB. credit $7,880 OC. debit $7,880 OD. debit $4,800 Other Accounts Debit $460 Accounts Payable Debit $1,200 Date Cheque# Dec. 31 4022 9 4023 15 4024 19 4025 21 4026 23 4027 Account Debited Supplies Adams Co. Repair expense Inventory Misc expense McDermott Co Total 145 2.400 75 Cash Credit $460 1,200 145 2,400 75 3,600 $7,880 3,600 $4,800 $3,080 Print Done In the following situation, which internal control procedure needs strengthening? Hofstra Services hired a new clark to keep custody of and maintain all the equipment in the equipment yard. That employee has not yet been adequately trained on the maintenance needs of the equipment OA separation of duties O B. assignment of responsibilities c. documents OD. competent, reliable, and ethical personnel