Under an Effective System of Internal Control,errors Occur Only as a Result

question 51

True/False

Under an effective system of internal control,errors occur only as a result of fraud or dishonesty.

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Definitions:

Sole Proprietorship

A type of enterprise owned and operated by one person, where there is no legal distinction between the owner and the business operation.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction.

Not-for-Profit Organization

An organization that operates for purposes other than making a profit, often focusing on social, educational, or charitable objectives.

Military Organization

An entity structured to use armed forces for purposes of defense, security, or warfare operations.