Answered: The importance of well-developed…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Question

Internal control:

Internal control is a set of controls which ensure smooth and effective management of the business transactions to achieve the business goals. Internal control works as a monitoring system for all the departments of an organization.

To indicate:

The importance of well-developed internal control.

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. A soundand well developed internal control is required to monitor the business operations and minimize the frauds and irregular business activities. An effective internal control can help an organization to minimize frauds and irregularities in the business processes.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions