Accounting Controls Primarily Concern Safeguarding of Assets and Ensuring the Reliability

question 170

True/False

Accounting controls primarily concern safeguarding of assets and ensuring the reliability of the financial statements.

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Definitions:

Notes Receivable

A claim against a debtor for an uncollected amount, typically evidenced by a formal instrument of credit.

Face Value

The nominal value printed on a bond, note, or other financial instrument, representing its value at maturity.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Dishonored

A term used when a financial instrument, such as a check or bill of exchange, is not paid upon presentation or when agreed terms are not met.