Which of the Following Is Not One of the Policies

question 105

Multiple Choice

Which of the following is not one of the policies and procedures that make up an internal control system?

• A)Protect assets.
• B)Ensure reliable accounting.
• C)Guarantee a return to investors.
• D)Urge adherence to company policies.
• E)Promote efficient operations.

Identify and classify accounts as assets, liabilities, and equity and understand their role in the accounting equations.

Explain the functions and differences between ledgers and charts of accounts.

Understand the relationship between transactions, journal entries, and their impact on the financial statements.

Recognize the importance of source documents in the accounting process.

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Definitions:

Oil Manufacturers

Companies involved in the extraction, processing, and distribution of oil products.

Tangible Attributes

The physical characteristics of a product that can be perceived through the senses, such as size, weight, and texture.

Intangible Attributes

Characteristics of a product or service that cannot be physically touched, but affect consumer perception and value, such as brand reputation or service quality.

Consumer Needs

The motivations that drive individuals to seek satisfaction through product purchase and use, including basic physiological needs or more complex psychological desires.