Good internal control dictates that a person who controls an asset also maintains that asset's accounting records.

Question

Quizplus · Accepted Answer

Good internal control practices dictate that the duties of controlling (or handling) an asset and maintaining that asset's accounting records should be separated to prevent fraud and errors. This separation of duties ensures that no single individual has control over all aspects of a transaction, thereby increasing the accuracy and reliability of financial records.

Good Internal Control Dictates That a Person Who Controls an Asset