A good system of internal control will include all of the following except:
A)Preparing a pro-forma financial statement on a monthly basis.
B)Separating the handling of cash from the maintenance of accounting records.
C)Making all major payments by check.
D)Reconciling bank statements with accounting records.

Question

Quizplus · Accepted Answer

Preparing a pro-forma financial statement on a monthly basis is not necessarily a requirement for a good system of internal control. The other options listed - separating the handling of cash from accounting records, making major payments by check, and reconciling bank statements with accounting records - are all important components of a strong internal control system.

A Good System of Internal Control Will Include All of the Following