A Component of Internal Control Is

question 103

Multiple Choice

A component of internal control is:

• A) risk assessment.
• B) journals.
• C) subsidiary ledgers.
• D) controlling accounts.

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Definitions:

Divisible Contract

An agreement comprising multiple promises or parts that can be separated and independently executed or enforced.

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.

Enforceable Contract

A legally binding agreement capable of being upheld and imposed in a court of law.

Competition

The rivalry among businesses to attract customers, increase sales, and improve market share.