Which of the Following Is a Necessary Element in an Accounting

question 3

Multiple Choice

Which of the following is a necessary element in an accounting system? (Select all that apply.)

• A) Internal review
• B) Audit control
• C) Internal control
• D) Audit review

---

Definitions:

Property Insurance

A type of insurance policy that provides financial reimbursement to the owner or renter of a structure and its contents in case of damage or theft.

Sharing Risk

The practice of distributing risks among different parties, often used in insurance and investments to reduce the impact of adverse events on any single party.

Basic Principles

Fundamental theories or beliefs that form the foundation for a system of belief or behavior or for a chain of reasoning.

Contract Law

The body of law that governs the formation, execution, and enforcement of contracts between parties.