Internal control procedures:
A) Eliminate the risk of loss.
B) Include policies and procedures to safeguard assets.
C) Prevent unavoidable losses.
D) Both eliminate the risk of loss and include policies and procedures to safeguard assets.
E) All of the above

Question

Quizplus · Accepted Answer

Internal control procedures are designed to safeguard assets and ensure the accuracy and reliability of accounting records, among other objectives. They do not eliminate the risk of loss entirely or prevent all unavoidable losses, but they do include policies and procedures aimed at protecting assets.

Internal Control Procedures