An Effective System of Internal Control Requires That at Least

question 26

True/False

An effective system of internal control requires that at least two individuals be assigned to one cash drawer so that each can serve as check on the other.

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Definitions:

P < .05

A commonly used criterion in statistical hypothesis testing that indicates there is less than a 5% probability the observed differences or relationship occurred by chance, suggesting the results are statistically significant.

Probability

A measure of the likelihood that an event will occur.

Result

The outcome or consequence of an action, experiment, or process.

Statistically Significant

A term indicating that the results of a study are unlikely to have occurred by chance alone, according to predefined criteria.