Marcus, a Management Consultant, Knows That Regardless of How Good

question 270

Multiple Choice

Marcus, a management consultant, knows that regardless of how good his firm's product might be, the business has little chance of success without a(n)

• A) financial plan.
• B) outside consultant.
• C) auditor.
• D) warranty.

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Definitions:

Independent Internal Verification

A control mechanism where the transactions and activities are verified by staff members who are not directly involved in those transactions or activities.

Authorization

The approval or permission granted to an individual or entity to perform a specific action or access certain resources.

Segregation of Duties

An internal control that prevents fraud and errors by dividing responsibilities among different employees.

Accounts Payable Clerk

An accounting professional responsible for managing the company's bills and ensuring that debts to suppliers and creditors are paid properly and on time.