The overall procedures adopted by a business to safeguard its assets, promote the reliability of accounting data and encourage compliance with management policies are:

Question

Quizplus · Accepted Answer

Internal controls are the overall procedures and policies adopted by a business to safeguard its assets, promote the reliability of accounting data and encourage compliance with management policies. Bank reconciliations, physical controls, and cash budgets are all components of internal controls but do not encompass the entire scope of internal controls.

The Overall Procedures Adopted by a Business to Safeguard Its