Asked by
Rahul Kumar
on Nov 14, 2024
Verified
The use of a bank account makes internal control over cash more difficult.
Internal Control
A system of policies and procedures implemented by a company to ensure the integrity of financial and accounting information, enhance operational efficiency, and promote adherence to applicable laws and regulations.
Bank Account
An account held by an individual or business with a financial institution, allowing for the deposit and withdrawal of funds.
- Understand the importance and roles of internal controls in a company's financial practices.
Verified Answer
KY
Learning Objectives
- Understand the importance and roles of internal controls in a company's financial practices.