Match the term with the statement that best defines it.
-Procedures concerned with safeguarding the assets or the reliability of financial statements.
A)Accounting controls
B)Accounting system
C)Administrative controls
D)Audit committee
E)Board of directors

Question

Quizplus · Accepted Answer

Accounting controls are procedures put in place to protect a company's assets and ensure the accuracy of financial statements. They include measures such as segregating duties, conducting regular internal and external audits, and establishing a system of checks and balances.

B) Accounting system refers to the procedures, processes, and software used by a company to record and report financial transactions.

C) Administrative controls are policies and procedures that govern the day-to-day operations of a company, such as hiring practices and employee training.

D) Audit committee is a group of independent directors responsible for overseeing a company's financial reporting and auditing processes.

E) Board of directors is a group of elected individuals responsible for setting the overall strategic direction of a company and providing guidance to management.

Match the Term with the Statement That Best Defines It