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:

Lethargy

A state of sluggishness, fatigue, or lack of energy, which can be a symptom of various conditions or the result of emotional distress.

Impaired Coordination

A lack of the ability to use different parts of the body together smoothly and efficiently.

Prescription Drug

Medication that legally requires a medical professional's authorization before it can be obtained or consumed.

Central Nervous System

The principal part of the nervous system comprising the brain and spinal cord, responsible for processing and transmitting information in the body.