Final answer:
The statement is false; for good internal control, the functions of ordering, receiving, and payment approval for goods should be performed by different individuals to prevent fraud and ensure accuracy.
Step-by-step explanation:
The statement that 'For good internal control, the purchasing agent should order the goods for a business, receive the goods, and approve the payment for the goods ordered' is False. In internal control systems, it's important to have a separation of duties to prevent fraud and errors. This means that the ordering, receiving, and payment functions should be carried out by different individuals or departments. For example, once the purchasing agent orders the goods, the receiving department should inspect and confirm the receipt of goods, and a separate finance department should handle payments after reviewing the purchase order, receiving documentation, and the vendor's invoice.