An Effective Control System Does Not Have to Be Flexible,but

question 49

True/False

An effective control system does not have to be flexible,but it does need to provide accurate information to give manager's a true picture of organizational performance.

Identify and classify accounts as assets, liabilities, or stockholders' equity.

Understand transactions that affect stockholders' equity and their impact.

Prepare and interpret an income statement.

Understand the accounting equation and how specific transactions affect it.