The Principles of Internal Control Include: Establish Responsibilities, Maintain Adequate

question 10

True/False

The principles of internal control include: establish responsibilities, maintain adequate records, insure assets, separate recordkeeping from custody of assets, and perform regular and independent reviews.

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Definitions:

Efficiently Utilized

Resources or inputs that are used in a way that maximizes the output or outcomes without wasting any potential utility.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods and services that can be produced with a fixed amount of resources.

Inefficient

Refers to a situation or process that does not maximize the use of resources or achieve the desired outcome effectively.

Attainable

Something that can be achieved, reached, or accomplished with effort and resources available.