The Materiality Concept Dictates That No Internal Controls Be Established

question 129

True/False

The materiality concept dictates that no internal controls be established over petty cash.

Distinguish between actual, implied, and apparent authority in the context of agency law.

Identify the legal consequences for agents acting outside the scope of their authority.

Analyze the tort liability of principals for the acts of their agents, including negligence, respondeat superior, and unauthorized acts.

Understand the doctrines of ratification and adoption in the context of unauthorized contracts.

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Definitions:

Job Performance

Job performance refers to the effectiveness with which job tasks are carried out and the outcomes achieved by an employee.

PL 94-142

The Education for All Handicapped Children Act of 1975, now known as the Individuals with Disabilities Education Act (IDEA), which mandates free and appropriate public education for all children with disabilities in the United States.

IDEA

The Individuals with Disabilities Education Act (IDEA) ensures students with a disability are provided with Free Appropriate Public Education (FAPE) that is tailored to their individual needs.

Vocational Assessment

An evaluation process designed to identify individuals' skills, interests, and aptitudes to assist in career planning and placement.