1. Internal controls are essential to the viability of all companies, large or small. Internal controls are in place to:

• Ensure the integrity of financial and accounting information
• Improve operational efficiency
• Promote accountability, and
• Prevent fraud
• Are there other reasons, of course, but they typically fall into one or more of the above categories. Explain.

2. GAAP is ever-present and provides the guidelines, rules, and standards for recording and reporting accounting information. As such, for property, plant, and equipment [PPE], also referred to as fixed or long-lived assets, several acceptable methods are available to depreciate a PPE asset. The most widely used methods are straight-line, units-of-production, and double-declining balance.

TRUE or FALSE.