Internal Control (Grade 10 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What does 'internal' mean in internal control?
What does 'internal' mean in internal control?
Measures operating within the business
What is the primary goal of internal control?
What is the primary goal of internal control?
Maximising profit
Who is responsible for internal control in a business?
Who is responsible for internal control in a business?
Every single employee
What is the first step in the control process?
What is the first step in the control process?
Decide on objectives
What happens without clear objectives?
What happens without clear objectives?
Can't measure success or identify problems
What should management gather in Step 2?
What should management gather in Step 2?
Info on strong points & shortcomings
What does Step 3 (analyse information) transform?
What does Step 3 (analyse information) transform?
Data into actionable insights
What does Step 4 involve?
What does Step 4 involve?
Taking corrective action
How does internal control protect assets?
How does internal control protect assets?
Prevents theft, fraud & wastage
What culture does shared responsibility create?
What culture does shared responsibility create?
Culture of accountability