The Use of Internal Controls Guarantees Protection Against Losses Due

question 182

True/False

The use of internal controls guarantees protection against losses due to fraud,errors,and inefficiencies.

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Definitions:

Risky

Involving or exposed to a high degree of uncertainty or subject to potential loss.

Prime Rate

The lowest interest rate that banks generally charge their best customers.

Banks

Financial institutions licensed to accept deposits, make loans, and offer various financial services to individuals and businesses.

Specialty Retailers

Stores or businesses that focus on specific product categories, offering a narrow but deep assortment of merchandise.