Indicate Whether Each of the Following Statements About Internal Control

question 75

True/False

Indicate whether each of the following statements about internal control and ethics is true or false.
-The absence of safety deposit boxes means that the company does not have an effective internal control system

---

Definitions:

Controller

The manager of the accounting function of a vertical (business unit).

Managerial Accounting

The practice of analyzing, interpreting, and communicating financial information to managers for the purpose of business decision-making.

Dollar Savings

The amount of money saved as a result of cost reduction, efficiency improvements, or other financial strategies, expressed in dollar terms.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used for financial reporting that are adopted by most U.S. companies for preparing their financial statements.