Asked by
byron muralles
on Nov 14, 2024Verified
A system of internal control is not needed when a company regularly takes a physical inventory.
Internal Control
Methods and practices put in place by an organization to guarantee the accuracy of financial and accounting data, encourage responsibility, and inhibit fraudulent activities.
Physical Inventory
The process of counting and verifying the actual quantities of goods in stock at a particular time.
- Understand the significance of internal control systems and physical inventory within the realm of inventory management.
Verified Answer
CG
Learning Objectives
- Understand the significance of internal control systems and physical inventory within the realm of inventory management.