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A Good System of Internal Control Will Safeguard Its Assets

question 53

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A good system of internal control will safeguard its assets and enhance the accuracy and reliability of its accounting records.


Definitions:

Answering Machine

A device or system for recording incoming telephone messages when the recipient is unable to answer the phone.

Duress

Compulsion, force, or undue pressure exerted upon a person to coerce them into performing an act against their will.

Threatens

Expresses an intention to cause pain, injury, damage, or other hostile action against someone in retribution for something done or not done.

Sell

The act of transferring ownership of a good or service to another party in exchange for money or other compensation.

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