Internal control is defined, in part, as a plan that safeguards
A) all statement of financial position accounts.
B) assets.
C) liabilities.
D) equity.

Question

Quizplus · Accepted Answer

Internal control is primarily designed to safeguard assets from loss, theft, or misuse. It is a system of procedures and policies put in place to protect the organization's assets and ensure the accuracy of financial records. While internal control may help prevent errors in financial reporting, the primary objective is to protect the organization's resources. Therefore, safeguarding assets is the best choice for this question.

Internal Control Is Defined, in Part, as a Plan That