An internal control system is the policies and procedures that managers use to Multiple Choice Protect assets Ensure reliable accounting Promote efficient operations Encourage adherence to company policies Managers place a high priority on internal control systems because the systems assist managers in the Multiple Choice O Prevention of avoidable losses O Planning of operation O Monitoring of company performance Monitoring of employee performance Help Save & Exit Submit A good system of internal control Multiple Choice Encourages adherence to prescribed managerial policies Promotes operational efficiencies Eliminates the need for an audit Both encourages adherence to prescribed managerial policies and promotes operational efficiencies Two clerks sharing the same cash register is a violation of which internal control principle? Multiple Choice Establish responsibilities Maintain adequate records Insure ossets Bond key employees Limitations of internal control include Multiple Choice Human error Human fraud Cost-benefit standard Human error and froud