Which one of the following is not an objective of a system of internal controls?
A) Safeguard company assets
B) Overstate liabilities in order to be conservative
C) Enhance the accuracy and reliability of accounting records
D) Reduce the risks of errors
Correct Answer:
Verified
Q18: Cash registers are an important internal control
Q19: Electronic Funds Transfer (EFT) is a disbursement
Q20: In order to prevent a transaction from
Q21: Collusion may result when one individual circumvents
Q24: Internal controls are concerned with
A) only manual
Q25: A voucher system is used by many
Q26: To obtain maximum benefit from a bank
Q27: A bank reconciliation is generally prepared by
Q28: In general documents should be prenumbered and
Q45: The petty cash fund eliminates the need
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