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Exercise 4-40 Internal Control Terminology
Required:
A list of terms and a list of definitions and examples are presented below. Make a list numbered 1 through 7 and match the letter of the most directly related definition or example With the number of each term.
Concept Introduction:
Internal Control:
Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.
To Indicate:
The Correct match for each of the given term with the definition or example.
Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.
The Correct match for each of the given term with the definition or example is explained as follows:
| Term | Definition or Example | |
| 1 | c. | Reconciling cash deposits with cash register is an example of Accounting Controls |
| 2 | b. | Asking for receiving reports from the suppliers is an example of Adequate Documents and records |
| 3 | f... |
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