There Are Two Internal Control Objectives and They Are to Ensure

question 169

True/False

There are two internal control objectives and they are to ensure accurate financial reports, and ensure compliance with applicable laws.

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Definitions:

Alternative

Another option or choice available to parties in a situation, often considered when the primary option is not feasible or desirable.

Joint Payee

Involves two or more parties being named on a financial instrument or payment, requiring endorsement or agreement from all named before processing.

Suspended

Temporarily halted or stopped, often with the possibility of being resumed in the future.

Indorsed in Blank

A signature on a negotiable instrument, such as a check or promissory note, without specifying a new owner, making it payable to the bearer.