Which of the following would not be found in a good system of internal control? a. 25. b. c. d. Establishing a system of checks and balances Having one person handle all the responsibilities of a department Establishing an internal audit staff Requiring all employees to take earned vacations 26. A consequence of a separation of duties is that theft is possible only when several employees are involved. a. b. c. d. operations become extremely inefficient because of constant training of employees. more employees will need to be bonded. theft by employees becomes impossible. 27. In a small business, because it is often cost-prohibitive to hire extra employees, the lack of certain separations of duties can best be overcome by a. bonding the employees. b. getting the owner actively involved. c. hiring only honest employees. d. holding one person responsible for a given set of transactions 28. Which of the following document is mailed to the vendor (elle) of oods? a. Receiving report b. Invoice c. Purchase order d. Purchase requisition 29. Which of the following is not an internal control activity for cash? a. Employees who have access to cash should be bonded. b. Banking facilities should be used as much as possible. c. The amount of cash on hand should be kept to a minimum d. All payments should be made with currency, not checks. 30. Which of the following would not be included in Cash or Cash Equivalents? Ninety-day U.S. Treasury bills held a. b. Deposits in bank checking accounts c. Checks and money orders received from customers d. Six-month certificates of deposit held