Indicate Whether Each of the Following Items Regarding Internal Control

question 51

True/False

Indicate whether each of the following items regarding internal control is true or false.
a)________ Accounting controls are composed of procedures designed to safeguard assets and ensure accounting records contain reliable information.b)________ Administrative controls concern the reliability of the financial statements and the accuracy of the general ledger.c)________ Whenever possible, the functions of authorization, recording and custody should be exercised by the same dependable employee.d)________ Cash is most susceptible to embezzlement at the points of receipt and disbursement.e)________ A well-designed internal control system prevents collusion among employees.

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Definitions:

Phobia

A phobia is an intense, irrational fear of specific objects, situations, or activities that leads to significant distress or impairment in daily functioning.

Classical Conditioning

A learning process through which a neutral stimulus becomes associated with a meaningful stimulus and acquires the capacity to elicit a similar response.

US

United States, a country primarily located in North America comprising 50 states and a federal district.

Classical Conditioning Experiment

A research method used in behavioral psychology to study the association between a naturally occurring stimulus and a previously neutral stimulus.