Unless Managers Have a Control System,they Will Not Likely Identify

question 59

True/False

Unless managers have a control system,they will not likely identify problems arising from failure to meet objectives.

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Definitions:

Petty Cash Fund

Petty cash fund is a small amount of cash kept on hand for making immediate payments for minor and incidental expenses.

Perpetual Inventory System

An inventory management system where inventory levels are updated in real-time or on a continuous basis following each purchase or sale transaction.

General Journal

A primary accounting record used to record all types of transactions and events in chronological order before they are posted to specific accounts.

Internal Control

Approaches and techniques employed by a business to protect the veracity of accounting and financial information, foster answerability, and inhibit dishonesty.