Answered: 4 . The quality of an entity’s internal…

4 . The quality of an entity’s internal control affects not only the reliability of its financial data, but also the ability of the entity to make good decisions and remain in business.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

4 . The quality of an entity’s internal control affects not only the reliability of its financial data, but also the ability of the entity to make good decisions and remain in business.

Required:
Identify and discuss three (3) characteristics of satisfactory internal control.

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