A Good System of Internal Controls Requires That the Physical

question 140

True/False

A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets.This concept is known as safeguarding assets and records.

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Definitions:

Ethical

Ethical pertains to the principles of right and wrong that guide individual conduct and the decision-making process within an entity.

Dreaming

A mental activity that occurs during sleep, consisting of vivid imagery, thoughts, or sensations.

Senior Executives

Top-level managers who are responsible for the overall direction and success of an organization, often including roles such as CEO, CFO, and COO.

Change Agent

An individual or group that facilitates, advocates for, or implements change within an organization.