Internal Control Define the Term "Internal Control" and Identify the Major

question 26

Essay

Internal control Define the term "internal control" and identify the major components of an internal control system.

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Definitions:

Liabilities

Liabilities refer to the financial obligations or debts that an entity owes to others, which must be settled through the transfer of assets or providing services.

Revenue

The income generated from normal business operations, calculated as the total sales of goods or services.