A System of Internal Control Is Not Needed When a Company

question 14

True/False

A system of internal control is not needed when a company regularly takes a physical inventory.

---

Definitions:

Self-Concept

An individual's perception of their own identity, including thoughts, feelings, and beliefs about themselves.

Ethical Standards

Principles that guide behavior in terms of right and wrong, often serving as a foundation for determining acceptable conduct within a society or profession.

Sales Force Performance

The efficacy and efficiency of a company's sales team in achieving its sales targets and overall business objectives.

Qualifying

Identifying potential customers within the firm’s target market who have a desire for the product, the authority to purchase it, and the resources to pay for it.