The Components of Internal Control Do NOT Include

question 25

Multiple Choice

The components of internal control do NOT include:

• A)control environment.
• B)risk assessment.
• C)control procedures.
• D)safeguard assets.

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Definitions:

Internal Controls

The processes and procedures implemented within an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Accounting Records

Documents and ledgers that record financial transactions and the financial position of an organization, used for analysis and compliance purposes.

Voucher System

An accounting system that involves preparing and using vouchers, which are documents that authorize and record the payment of a company expense.

Cash Payments

Transactions involving the immediate transfer of cash to settle the purchase of goods, services, or a debt.