Concerning internal control, one of the following statements is true, and

the other three are false. Tell whether each statement is true or false and

explain your answer.

a. Broadly speaking, an internal control structure is only necessary in large

organizations.

b. The purposes of internal control are to check the accuracy of

accounting data, safeguard assets against theft, promote efficiency of

operations, and ensure that management's policies are being followed.

c. Once an internal control structure has been established, it should be

effective as long as the formal organization remains unchanged.

d. An example of internal control is having one employee count the day's

cash receipts and compare the total with the total of the cash register

tapes.