Author Question: List the objectives of internal control and give an example of how each is ... (Read 165 times)

amal · **on:** Jul 5, 2018

List the objectives of internal control and give an example of how each is implemented.

Question 2

FIFO is the cost flow method that attaches the costs of the first-in units to the units in ending inventory.

Indicate whether the statement is true or false

Mollythedog · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

Internal control provides reasonable assurance that
(1) assets are safeguarded and used for business purposes
(2) business information is accurate
(3) employees and managers comply with laws and regulations
Examples are
(1) duties are separated
(2) duties are rotated
(3) reports are submitted to management
There are many other examples that would be correct.

Answer to Question 2

FALSE