Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements Which objective do you think is most important? Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.
Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements Which objective do you think is most important? Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Defining internal control
Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records.
Requirements
- Which objective do you think is most important?
- Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.
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