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 - Page 372: 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.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.