Indicate Whether Each of the Following Items Regarding Internal Control

question 54

Essay

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 company's records.
_____ 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:

Spinal Cord

The long, thin, tubular structure made up of nervous tissue, which extends from the brainstem down the back, and is enclosed in and protected by the bony vertebral column. It functions primarily in transmitting neural signals between the brain and the rest of the body.

Corpus Callosum

A broad band of nerve fibers joining the two hemispheres of the brain, facilitating interhemispheric communication.

Corpus Callosum

A large band of neural fibers connecting the two brain hemispheres and carrying messages between them.

Sylvian Fissure

A deep fold in the brain separating the frontal and parietal lobes from the temporal lobe.