Which Statement Is FALSE

question 27

Multiple Choice

Which statement is FALSE?

• A)Administrative controls consider the organization plan.
• B)Accounting controls include procedures that facilitate management's planning and control of operations.
• C)Accounting controls include the methods and procedures for authorizing transactions and safeguarding assets.
• D)Accounting controls are present to ensure the accuracy of the financial records.
• E)Accounting controls minimize waste,errors,and fraud within an organization.

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Definitions:

Physical Flow

The movement and management of materials and products from procurement through production and delivery to customers.

Inventory

The goods and materials that a business holds for the ultimate goal of resale, representing one of the most important assets for companies dealing with physical products.

FIFO

"First In, First Out," a stock valuation approach where the earliest acquired or manufactured items are the first to be sold or utilized.