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In order to assure that accounting information is accurate and to avoid potentially costly mistakes in the decision making process, firms should:

a) Design and monitor an effective system of internal accounting controls.

b) Have the internal auditors and controller each check the accounting data before it is released to management.

c) Purchase an accounting system that is designed specifically for the industry in which the firm conducts business.

d) Develop and implement a code of ethics.

Accounting Basics, Accounting

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  • Reference No.:- M943973

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