Good Internal Control Dictates That a Person Who Controls an Asset

question 153

True/False

Good internal control dictates that a person who controls an asset should also maintain the accounting records for that asset.

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Definitions:

Concentration Ratio

A measure of the market share held by the largest firms within an industry.

Industry

The segment of the economy concerned with production, as opposed to services, characterized by the manufacture of goods.

Firm(s)

Business organizations or entities engaged in commercial, industrial, or professional activities.

Concentration Ratio

A measure of the market share, often expressed in percentage, controlled by the top firms in an industry, used to assess competitive dynamics and market concentration.