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Hospitality Industry Managerial Accounting 8th Edition

Hospitality Industry Managerial Accounting (8th Edition)

Book Edition8th Edition
Author(s)Schmidgall
ISBN9780866124973
PublisherEduc. Inst. Of The American Hotel & Motel Assoc.
SubjectAccounting

Chapter 12, End of Chapter, Review Questions, Exercise 1

Page 621

Here is a tip:

An independent examination of accounts and reports of an entity is known as an audit.

Explanation

  • The measure adopted by an entity for the assurance of efficiency and effectiveness in achieving the company's objectives is the internal controls.
  • They are implemented to make the financial information of the entity more reliable.

Verified Answer

The policies implemented for ensuring the integrity of the financial information are known as the internal controls.

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