Control Activities Are the Policies and Procedures That Are Established

question 75

True/False

Control activities are the policies and procedures that are established to assist in accomplishing objectives and to mitigate risks.

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Definitions:

Credit Balance

The amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger for liability, revenue, or equity accounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary to permanent accounts.