What are the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system?

Question

Quizplus · Accepted Answer

Internal control system is the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system. The internal control system helps in preventing errors or fraud, improving accuracy of financial statements, and ensuring compliance with laws and regulations. The other options are not specific to ensuring proper recording of business activities in the accounting system.

What Are the Collective Procedures Implemented by Management to Ensure