List the Principles of Internal Control

question 56

Short Answer

List the principles of internal control.

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Definitions:

Insurable Interest

A requirement in insurance policies that the policyholder must have a financial interest in the insured item or person that would cause financial loss if damaged or lost.

Appliance Corporation

A company that specializes in producing electrical or mechanical devices intended to perform certain tasks, typically domestic ones.

Cash Discount Stores

Retail outlets offering goods for sale at lower prices due to immediate payment instead of credit purchase.

Annuals

Plants that complete their life cycle, from germination to the production of seeds, within one year, and then die.