It Is Never Efficient to Rely on the Internal Controls

question 86

True/False

It is never efficient to rely on the internal controls of an organization.

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Definitions:

Liable

Legally responsible or obligated.

Bailment

The legal relationship where physical possession of personal property is transferred from one person (the bailor) to another (the bailee) who subsequently has possession of the property under a contract.

Automobile

A vehicle on wheels designed for transport, commonly propelled by an internal combustion engine or an electric motor.

Proprietor

An individual who owns and runs a business, possessing exclusive legal rights and responsibilities regarding its operations.