The Text Discussed Common Internal Controls Associated with the Steps

question 4

Essay

The text discussed common internal controls associated with the steps in the accounting cycle; it also discussed the role of human judgment and information technology in the cycle. Identify and describe:
A. One way human judgment can improve internal control in the accounting cycle.
B. One way information technology can improve internal control in the accounting cycle.
C. One way human judgment can create internal control challenges in the accounting cycle.
D. One way information technology can create internal control challenges in the accounting cycle.

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Definitions:

Right To Contract

A legal principle affirming individuals' ability to freely enter into binding agreements without government interference.

Bully Pulpit

The bully pulpit refers to a powerful platform, particularly that of the U.S. presidency, used to promote an agenda and influence public opinion and policy.

Monopolies

Economic situations where a single company or entity controls all or nearly all of the market for a particular type of product or service.

Standard Oil

Standard Oil was an American oil producing, transporting, refining, and marketing company. Established by John D. Rockefeller in 1870, it became the largest and first multinational corporation in the world before being dismantled in 1911 due to antitrust laws.