The basic concepts implicit in internal accounting controls include the following
• The cost of the system should not exceed benefits expected to be attained
• The overall impact of the control procedure should not hinder operating efficiency
Which one of the following internal accounting controls recognizes these two factors?
А
Limitations
B
Management responsibility
С
Reasonable assurance
D
Methods of data processing
Answers: 2
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The basic concepts implicit in internal accounting controls include the following
• The cost of t...
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