A Good System of Internal Control Requires That the Physical

question 183

True/False

A good system of internal control requires that the physical custody of assets be separated from the accounting for those assets.This concept is known as safeguarding assets and records.

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Definitions:

Excess of Interaction

A situation where the amount of communication or social engagement exceeds what is necessary or comfortable, potentially leading to negative consequences.

Stringent Gatekeeping

The strict and rigorous control or limitation of access to something, often applied to information or resources.

Collaboration Purposes

The goals or objectives that drive the effort of working together in a joint intellectual endeavor.

High Uncertainty

A situation or condition where there is a lack of predictability or knowledge about future outcomes or events.