Homework Answers
Answer:
True, internal controls are used to provide the reasonable assurance that the objectives of the enterprise will be accomplished.
Explanation:
Internal controls means processes or activity/activities that are designed, implemented and maintained to achieve the following objectives:
- Maintain complete and accurate accounting data
- Safeguarding of assets
- Compliance with laws and regulations
- For achieve the effectiveness and efficiency in operations
Therefore if management design, implement and maintain the appropriate internal controls for the enterprise, then it provide the reasonable assurance that the objectives of the enterprise will be accomplished.
Eg. If the appropriate control for purchase is placed in the organisation then it will assure that the economic quantity at appropriate price is purchased. Therefore increases the efficiency of operations.
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