Internal Control Consists of the Plan of Organization and All

question 30

True/False

Internal control consists of the plan of organization and all of the related methods and measures adopted within a business to (a) safeguard its assets and (b) enhance the accuracy and reliability of its accounting records.

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Definitions:

Unconscionable

Referring to actions or terms that are excessively unfair or unethical to one party in a way that shocks the conscience.

Essential Purpose

The primary or most important goal or function of an object, policy, or legal contract.

Adequate Refund

A reimbursement that is fair and reasonable under the circumstances, often related to the return of purchased goods or services.

Consequential Damages

Refers to secondary or indirect damages that result from a breach of contract, extending beyond the direct damage or loss incurred.