List Five Features of an Internal Control System That Relate

question 95

Essay

List five features of an internal control system that relate to safeguarding cash and reducing the likelihood of theft.

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Definitions:

Departments

Divisions within an organization, each focusing on a specific area of function such as marketing, finance, or human resources.

Profit Sharing

A compensation strategy where employees receive a share of the company's profits in addition to their regular salary.

Gainsharing Program

A compensation strategy that shares the financial benefits of performance improvements with employees through collective incentives.

Incentive Pay

Additional compensation awarded to employees for achieving specified goals or exemplary performance.