Indicate Whether Each of the Following Items Regarding Internal Control

question 89

Short Answer

Indicate whether each of the following items regarding internal control is true or false.
_____ a)Accounting controls are composed of procedures designed to safeguard assets and ensure accounting records contain reliable information.
_____ b)Administrative controls concern the reliability of the financial statements and the accuracy of the general ledger.
_____ c)Whenever possible,the functions of authorization,recording and custody should be exercised by the same dependable employee.
_____ d)Cash is most susceptible to embezzlement at the points of receipt and disbursement.
_____ e)Even a well-designed internal control system cannot prevent collusion by employees.

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Definitions:

Contract Terms

The specific conditions and clauses outlined in a contract that dictate the obligations, rights, and duties of the parties involved.

Place Of Tender

The designated location where a party to a contract is required to perform delivery of goods or payment of money.

Seller's Place

The designated location where the seller is required to deliver goods or perform services according to a contract.

Place Of Delivery

The specific location agreed upon where goods will be delivered or services will be rendered.