Question

Which of the following questions may be included on an internal control questionnaire for revenue and receivables?

A) How many employees work in the accounting department?
B) Is there a segregation of duties in the accounts receivable process?
C) What is the company's marketing strategy?
D) How many clients does the company serve?

Answer 1

Question B) Is there a segregation of duties in the accounts receivable process? is included on an internal control questionnaire for revenue and receivables as it checks for a key internal control measure.

Step-by-step explanation:

Among the given options, the question that may be included on an internal control questionnaire for revenue and receivables is B) Is there a segregation of duties in the accounts receivable process? This is because internal control questionnaires are designed to ensure the effective operation of a company's internal controls and risk management practices.

Segregation of duties is a key concept in establishing a reliable internal control system. It involves separating responsibilities within a process to reduce the risk of error or fraud. In the context of accounts receivable, this would mean that the person who records the transactions is not the same individual who authorizes credit or handles cash receipts, thereby providing a system of checks and balances.