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A Good System of Internal Control Requires That the Physical

question 94

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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 of assets and records.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, consisting of a five-tier model of human needs, depicted as hierarchical levels within a pyramid.

Self-actualization Needs

The highest level in Maslow's hierarchy of needs, representing the fulfillment of one's potential and the realization of one's abilities and qualities.

Aesthetic Needs

The psychological desires for beauty, balance, and form.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow that suggests human needs are arranged in a hierarchy, from more basic needs like physical and safety needs, to higher-level needs like self-esteem and self-actualization.

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