Question

Clearly establishing responsibilities and assigning all accounting activities to one person is an important principle of internal control.
a) true
b) false

Answer 1

Answer:

b) False

Explanation:

Internal control refers to the process in which the assurance is given with respect to the objectives of an organization so that the operations of an organization could be done in an efficient and effective manner. Moreover, it should also compliance with rules and regulations

There are various principles of the internal control system that includes separation of duties, authorization of business transactions and its activities, keeping physical records and control over assets

Therefore the given statement is false