Maintaining Accurate Records Is an Important Internal Control Principle

question 126

True/False

Maintaining accurate records is an important internal control principle.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law among the states.

Actual Knowledge

Direct and clear awareness of information, facts, or circumstances without any need for inference.

Notice

A formal announcement or warning given to a person or the public, related to contractual agreements, legal actions, or any situation requiring informed consent.

Incidental Beneficiary

One who unintentionally gains a benefit from a contract between other parties.