The Principles of Internal Control Include: Ensure Transactions and Activities

question 103

True/False

The principles of internal control include: ensure transactions and activities are authorized, maintain records, insure assets, separate recordkeeping and custody of assets, and perform internal and external audits.

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Definitions:

Hot Spot

A location on the Earth's surface that has experienced prolonged volcanic activity, thought to be caused by a rising mantle plume.

Igneous Feature

A geological formation or structure that has been created through the cooling and solidification of magma or lava.

Laccolith

A geological formation resulting from magma pushing up between layers of rock, creating a lens-shaped mass.

Columnar Joints

Natural formations of rock into long, regular columns, typically found in basalt flows, resulting from the cooling and contraction of lava.