Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions: 4

Answer

Internal control system is concerned with only to enhance the accuracy of accounting records, is not correct.

Work Step by Step

The basic objective of a sound internal control system is to assign specific responsibility to specific employee. It includes the segregation of duties in such a way that the work of one employee is checked by the other employee, and no one employee should complete the task from beginning to the end, without involving a second employee.
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