Fundamental Accounting Principles
Fundamental Accounting Principles
24th Edition
ISBN: 9781260158595
Author: Wild
Publisher: MCG
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Chapter 8, Problem 4QS
To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

Principles of Internal Control:

Principles of Internal Control are the ways to maintain proper internal controls in an organization. These principles are as follows:

  • Establishing Responsibilities
  • Maintaining Records
  • Safeguards of assets
  • Segregation of Duties
  • Compulsory Employees Job Rotation
  • Split Related Party Responsibility
  • Using the Technology for Controls
  • Conducting timely Independent Reviews

To identify:

If the given statement is true of false

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Typically an adjusting entry will include which of the following? One Balance Sheet Account And One Income Statement Account Two Balance Sheet Accounts Two Income Statement Accounts
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