Internal Controls Include Procedures to Protect Assets and Prevent Fraud

question 191

True/False

Internal controls include procedures to protect assets and prevent fraud.

Utilize Goal Seek for conducting what-if analysis.

Generate various reports (Answer, Sensitivity, Scenario Summary) to summarize solutions and analyses.

Recognize features and functionalities of Excel for creating, editing, and evaluating scenarios.

Understand the process of activating and using add-ins like Solver.

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Definitions:

Revenue Account

An account that tracks the income earned from normal business operations, such as sales of goods or services.

Sales Tax Payable

A liability account in a company's financial statements, representing sales tax collected from customers but not yet remitted to the government.

Sale

The exchange of a product or service for money, constituting the main operational activity for most businesses.

Liability Account

An accounting record that holds the amounts owed by a company to creditors, suppliers, or lenders.