Question: Define 'internal controls' in accounting.Answer: Internal controls are processes and procedures implemented by a company to safeguard its assets, ensure accuracy in financial reporting, and promote operational efficiency.Example:
|
Is it helpful?
Yes
No
Most helpful rated by users:
- Explain the difference between assets and liabilities.
- What is accrual accounting?
- Explain the terms \'debit\' and \'credit\' in accounting.
- Define the term \'GAAP.\'
- Explain the difference between a current asset and a non-current asset.