Asked by
keehli campbell
on Nov 14, 2024
Verified
Internal control is defined in part as a plan that safeguards
A) all balance sheet accounts.
B) assets.
C) liabilities.
D) capital stock.
Internal Control
A process designed to provide reasonable assurance regarding the achievement of objectives related to operations, reporting, and compliance.
Safeguards
Measures or controls put in place to protect against unauthorized access, damage, or theft.
Assets
Resources owned by a company that have economic value and can be used to meet liabilities.
- Acquire knowledge on the core ideas of internal control mechanisms, their aims, and constituent parts.
Verified Answer
TF
Learning Objectives
- Acquire knowledge on the core ideas of internal control mechanisms, their aims, and constituent parts.