Describe Some Key Elements of an Internal Control System for Cash

question 11

Essay

Describe some key elements of an internal control system for cash.

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Definitions:

Need for Affiliation

An individual's desire to build relationships, feel connected to others, and be part of a group or community.

Decision-making

Decision-making involves selecting a course of action from several alternatives, often based on judgment, research, and deliberation.

McClelland's Acquired Needs Theory

A psychological theory that suggests human needs are acquired over time and shaped by life experiences, emphasizing needs for achievement, affiliation, and power.

Achievement

The accomplishment of a goal or objective, typically requiring effort, skill, or courage.