A well planned system of internal accounting control normally would include procedures that are designed to provide reasonable assurance that
A) employees act with integrity when performing their assigned tasks.
B) decisions leading to management's authorization of transactions are sound.
C) collusive activities would be detected by segregation of employee duties.
D) transactions are executed in accordance with management's general or specific authorization.

Question

Quizplus · Accepted Answer

A well planned system of internal accounting control is designed to ensure that all transactions are executed in accordance with management's general or specific authorization. This is achieved through established procedures and policies that monitor the transactions from initiation to final approval, ensuring that they are accountable for the correct amount, in the correct account, and in the correct period.

A Well Planned System of Internal Accounting Control Normally Would