Name and Discuss the Two Most Important Internal Control Principles

question 108

Essay

Name and discuss the two most important internal control principles embedded in the voucher system.

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Definitions:

Office Equipment

Assets like computers, printers, and furniture used in an office to perform business operations.

Units-Of-Production

A depreciation method that allocates cost based on the units produced by an asset over its useful life.

Depreciation Method

A systematic approach used to reduce the carrying amount of a tangible or intangible asset over its useful life.

Level Of Use

Level of use refers to the degree or extent to which a resource, service, or facility is utilized.