Internal Controls for the Accounting System Are Incomplete Without IT

question 75

True/False

Internal controls for the accounting system are incomplete without IT controls.

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Definitions:

Goal Conflict

A situation where different parties have objectives that are at odds with one another, leading to tension or disagreement.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period of time to help manage a company's liquidity and ensure it has enough cash to meet its obligations.

Nonmanufacturing Business

A business that primarily sells services or goods that are not produced by the company, such as retail or consulting.

Primary Budget

The initial budget plan created for a specific period, outlining expected income, expenses, and allocations before any adjustments.