Accounting true or false question?

1. Internal control is mainly concerned with the amount of authority a supervisor exercises over a subordinate.











2. Proper segregation of duties accounting eliminates the need for internal control.











3. The effectiveness of internal control is partially limited by cost-benefit considerations.











4. Internal control is the responsibility of management.











5. Internal control is most effective when several people are responsible for a given task.











6. The responsibility for keeping the records for an asset should be separate from the physical custody of that asset.











7. Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.











8. The extent of internal control activities adopted by a company must be evaluated in terms of cost-benefit.











9. An effective system of internal control requires that at least two individuals be assigned to one cash drawer so that each can serve as a check on the other.











10. Only large companies need to be concerned with a system of internal control.





Accounting true or false question?
1. false


2. false


3.true


4.true


5. true


6. true


7. false


8. true


9. false


10. false