Internal control is defined in part as a plan that safeguards
A) all balance sheet accounts.
B) assets.
C) liabilities.
D) capital stock.

Question

Quizplus · Accepted Answer

Internal control is a plan or system of policies and procedures designed to protect a company's assets from fraud, theft, or mismanagement. Therefore, the primary focus of internal control is to safeguard assets, not balance sheet accounts, liabilities or capital stock.

Internal Control Is Defined in Part as a Plan That