Explain the meaning of the term, internal control, and distinguish between accounting controls and administrative controls.
What will be an ideal response?
Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. Accounting controls are composed of procedures designed to safeguard the assets and ensure that the accounting records contain reliable information. Administrative controls are designed to evaluate performance and the degree of compliance with company policies and public laws.
You might also like to view...
In the third step of rational decision making (evaluating alternatives and selecting a solution), you need to evaluate each alternative not only according to cost and quality but also according to which of the following questions?
A. Is it efficient, and how will it affect our marketing strategy? B. Is it feasible, effective, and efficient? C. Is it ethical and will it hurt diversity? D. Is it ethical, feasible, and effective? E. Is it feasible and profitable?
The removal of program errors is called debugging
Indicate whether the statement is true or false
Assembling the case you want to make for your preferred outcomes and settlement, one that will maximize your own needs best describes which phase of the negotiation process?
A. preparation B. information gathering C. information using D. bidding
______ legislation has been proposed as a solution to the problem of persistent gender inequity in pay.
A. Expectancy theory B. Pay structure C. Comparable worth D. Equity theory