Good accounting controls include all methods and procedures that facilitate mana

Question

Good accounting controls

include all methods and procedures that facilitate management's planning and control of operations.

help maximize efficiency and minimize waste, unintentional errors, and fraud.

are not concerned with the accuracy of the financial records.

are not concerned with safeguarding assets.

All of these statements are true concerning accounting controls.

include all methods and procedures that facilitate management's planning and control of operations.

help maximize efficiency and minimize waste, unintentional errors, and fraud.

are not concerned with the accuracy of the financial records.

are not concerned with safeguarding assets.

All of these statements are true concerning accounting controls.

Explanation / Answer

Ans) b) help maximize efficiency and minimize waste, unintentional errors, and fraud because,

Accounting control comprises the methods and procedures that are mainly concerned with authorization of sections, the safeguarding of assets and the accuracy of the financial records. Good accounting control helps

maximize profit; they help minimize waste, unintentional errors and frauds. This well designed control measure is a step towards the achievement of an organizational accountability which in other words means success of organisation. The use of internal control system as a managerial tool for proper accountability has been recently on great increase.

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