Solved

A Good System of Internal Control Requires That the Physical

Question 94

True/False

A good system of internal control requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding of assets and records.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q89: If a company erroneously records a $500

Q90: Which of the following procedures is not

Q91: The following set of items describes activities

Q93: _ are those investments and deposits with

Q95: The only essential element of internal control

Q96: Petty Cash is NOT considered to be

Q97: No special internal control procedures are necessary

Q98: The accountant for a local manufacturing company

Q99: Having one employee prepare company checks and

Q173: A check written by a company but