The Principles of Internal Control Include

question 28

Multiple Choice

The principles of internal control include:

• A)Separate recordkeeping from custody of assets.
• B)Maintain minimal records.
• C)Use only computerized systems.
• D)Bond all employees.
• E)Require automated sales systems.

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Definitions:

Federal Personal Income Tax

A tax levied by the U.S. federal government on the annual income of individuals, with rates varying based on income level.

President's Budget

An annual proposal by the U.S. President outlining the government's planned financial activities and spending for the upcoming fiscal year.

Office of Management and Budget

A federal office within the Executive Branch of the United States government that assists the President in preparing the budget and monitoring federal agencies.

Indirect Tax

A tax levied on goods and services rather than on income or profits.