Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them O decreases the potential for errors and fraud. O is a good example of safeguarding the company's assets. O increases the potential for errors and fraud. O is an example of good internal control. Which of the following is not a control activity? O financial reporting O physical and IT controls O independent checks of performance documentation procedures Choose the statement that is most incorrect. Cheques received through the mail should O sometimes be verified against the customer's bank balance. A clerk could call the customer's bank to ensure that the customer has sufficient funds to cover the cheque. O be "rung up on a cash register immediately. Obe deposited at the bank as soon as possible. immediately be endorsed "For Deposit Only." Krusty's Convenience is open 7 days a week. The cash receipts from Saturday and Sunday are kept in an envelope in a back storage room and are deposited each Monday morning. This process violates which internal control activity? O establishment of responsibility O segregation of duties O safeguarding of assets and records independent checks of performance