A good internal control system will help a company achieve reliable financial reporting, effective and efficient operations, and compliance with laws and regulations.
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Q5: Errors give rise to unintentional misstatements in
Q6: The person responsible for making credit sales
Q6: Only large companies need to be concerned
Q8: Fraud is an unintentional act to misappropriate
Q12: Describe the primary components of an internal
Q12: The responsibility for keeping the records for
Q14: A good system of internal control does
Q16: All documents should be prenumbered.
Q17: Prepare a bank reconciliation.
Q19: An effective control activity results when at
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