Indicate whether each of the following statements regarding internal controls is true or false.
-Internal controls can be divided into accounting controls and administrative controls

Question

Quizplus · Accepted Answer

This statement is true. Internal controls can be broadly classified into two categories - accounting controls and administrative controls. Accounting controls relate to the recording of financial transactions and the preparation of financial statements. Administrative controls relate to the management of operations, assets, and resources of the organization.

Indicate Whether Each of the Following Statements Regarding Internal Controls