The primary purpose of internal controls in managing a business is to: A. encourage theft and ensure that segregation of duties does not take place. B. ensure that employees operating within the scope of their assigned responsibilities and act in the best interest of the business. C. prevent cash from being stolen. D. ensure that financial statements are a faithful representation of the company’s financial performance.

Answered: Image /qna-images/answer/590210f4-47b5-44c5-a5b4-077245f34ed8.jpg

Answered: The primary purpose of internal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

The primary purpose of internal controls in managing a business is to:

A. encourage theft and ensure that segregation of duties does not take place.
B. ensure that employees operating within the scope of their assigned responsibilities and act in the best interest of the business.
C. prevent cash from being stolen.
D. ensure that financial statements are a faithful representation of the company’s financial performance.

Expert Solution

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions