If Controls Are Confusing,the Supervisor Should Devise New Controls That

question 22

True/False

If controls are confusing,the supervisor should devise new controls that meet the departmental needs and are understandable to everyone who uses them.

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement.

Outstanding Checks

Checks that have been written and recorded in the issuing account but have not yet been cashed or cleared by the bank.

Company's Accounts

Financial records that detail the financial transactions, assets, liabilities, and equity of a company.

Accounts Payable

The amounts a company owes to suppliers or vendors for goods or services received but not yet paid for.