Indicate Whether Each of the Following Items Regarding Internal Control

question 124

Short Answer

Indicate whether each of the following items regarding internal control is true or false.
_____ a) Accounting controls are composed of procedures designed to safeguard assets and ensure accounting records contain reliable information.
_____ b) Administrative controls concern the reliability of the financial statements and the accuracy of the general ledger.
_____ c) Whenever possible, the functions of authorization, recording and custody should be exercised by the same dependable employee.
_____ d) Cash is most susceptible to embezzlement at the points of receipt and disbursement.
_____ e) A well-designed internal control system can prevent collusion by employees.

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Definitions:

False News

Misinformation or fabricated information presented as news, often with the intent to mislead.

Repetition

The act or process of saying or doing something again, often used as a method for learning or emphasizing.

Group Identity

A person's sense of belonging to a particular group, which can influence attitudes, behaviors, and perceptions of self and others.

Refuted

To prove a statement or theory to be wrong or false; to disprove.