객관식
Which of the following is a principle of internal control as defined by the five components of internal controls?
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6. Internal Controls and Reporting Cash
Five Components of Internal Controls
객관식
Which of the following is a principle of internal control as defined by the five components of internal controls?
A
Maximizing net income
B
Consolidating financial statements
C
Recording transactions only at year-end
D
Establishing responsibility
검증된 단계별 안내1
Understand the concept of internal control: Internal control refers to the processes and procedures implemented by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations.
Learn the five components of internal control: These include (1) Control Environment, (2) Risk Assessment, (3) Control Activities, (4) Information and Communication, and (5) Monitoring Activities.
Focus on the principle of 'Establishing Responsibility': This principle involves assigning specific tasks and responsibilities to individuals to ensure accountability and prevent errors or fraud. For example, designating one person to handle cash receipts ensures clear accountability.
Compare the options provided: Evaluate each option against the principles of internal control. 'Maximizing net income,' 'Consolidating financial statements,' and 'Recording transactions only at year-end' are not principles of internal control. 'Establishing responsibility' aligns directly with the principles of internal control.
Conclude that 'Establishing Responsibility' is the correct answer because it is a fundamental principle of internal control that ensures accountability and proper management of tasks within an organization.
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