What is meant by internal control? Why are strong internal controls important to an entity?

Question:

What is meant by "internal control"? Why are strong internal controls important to an entity?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Critical Approach

ISBN: 978-1259066528

4th edition

Authors: John Friedlan

See More Books

Question Posted: Feb 26, 2015 10:58 AM

See More Questions

What is meant by cardinality in entity relationship diagrams?
What is meant by value-added services? Why are these services considered essential in a customer success program?
What is meant by the following, and why are these important: cover your equity; angels; venture capital; valuation; due diligence; IPO; mezzanine; SBIC; private placement; Regulation D; Rules 504,...
) A local firm employs 20 full-time professionals. The budgetedannual compensation per employee is $81,000. The budgeted averagechargeable time is 500 hours per client annually. All professionallab 2...
Explain how the IS curve represents equilibrium in the goods market.
Distinguish between cost of ownership and cost of use. Give some examples of fixed costs of use and direct operating costs. What are reserves? Determine the cost per mile for an aircraft whose annual...
What is fast tracking? When should fast tracking be used? When would fast tracking not be appropriate? AppendixLO1
In a certain chemical process three bottles of a standard fluid are emptied into a larger container. A study of the individual bottles shows that the mean value of the contents is 15 ounces and the...
ABC Cosmetic Company has decided to introduce three cream mixes made from blending two or more oils. One jar of olive-argan cream requires 6 gr each of olive and argan oils. One jar of...
1-How is your communication style different in the classroom than when you are in other contexts? How does written communication change in academic settings compared to other forms of written...
Examine the extract from Rogers' Management Discussion and Analysis called "Summarized Wireless Subscriber Results." How many new postpaid subscribers did Rogers add in 2011? How many subscribers did...
What is meant by "segregation of duties"? Why is it important for internal control pur poses that people who physically handle an asset aren't also responsible for accounting for the asset?
You buy shares in a mutual fund for $89.33. The fund annually distributed $8 for 8 years after which you redeemed the shares for $100. What was the annualized return on your investment?
Problem 2.01 An ant is crawling along a straight wire, which we shall call the x axis, from A to B to C to D (which overlaps A), as shown in the figure below. O is the origin. Suppose you take...
In a separate C++ program, do the following: a) Create an unordered linked list by declaring a linked list of the unordered LinkedList type. You may assume that this list is to be comprised of...
TranscribedText: El. You are sitting at a table that has a solid round top {5.1"} kg] and a single solid cvlindrical leg {4. kg) [see figure, note that the tilt angle is exaggerated to he...
The municipal mill rate in the neighbourhood is 22.375 mills. There is an educational mill rate of 11.35 mills. The following list is the municipalities planned local improvement costs for the next...
Maggie Company had the following functional income statement for the month of May, 2020: MAGGIE COMPANY Functional Income Statement For the Month Ending May 31, 2020 Sales (30,000 units) $300,000...
Spoilage with Three Departments-Weighted Average Method Ballinger Paper Products manufactures a high quality paper box. The box department applies two separate operations-cutting and folding. The...
Rewrite the code of Figure 7.3 in Ada, Java, or C#. Figure 7.3: template class queue { item items [max_items]; int next_free, next_full, num_items; public: queue () : next_free (0), next_full(0),...
Explain all the four phases of computer aided design.
What type of transaction is a cash payment to creditors? How does this type of transaction affect the accounting equation?
What type of transaction is a cash payment to creditors? How does this type of transaction affect the accounting equation?
When are expenses recognized under accrual accounting?
How to solve general ledger cash balance chapter 9 assignment 5
On 31 July 2018, Sipho bought 1 000 ordinary shares in ABC Ltd at a cost of R2 750. On 31 December 2018 the company made a 1 for 10 bonus issue. On 31 March 2019, Sipho sold 300 shares for R800. What...
If you purchase a $1000 par value bond for $1065 that has a 6 3/8% coupon rate and 15 years until maturity, what will be your annual return? 5.5% 5.9% 5.7% 6.1%

What is meant by internal control? Why are strong internal controls important to an entity?

Question:

Step by Step Answer:

Internal controls are the policies and procedures that management ...View the full answer

Financial Accounting A Critical Approach

Students also viewed these Accounting questions