Internal Controls Are Procedures Set Up to

question 4

Multiple Choice

Internal controls are procedures set up to

• A) protect assets
• B) ensure accounting reports are free from error, neutral and complete
• C) promote efficiency
• D) ensure company policies are followed
• E) All of these

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Definitions:

Offeree

The person to whom an offer is made, typically in the context of contracts, where the offeree can accept, reject, or counteroffer.

Present Intent

The current intention to perform an act or claim a legal right.

Contractual Conditions

Essential terms and stipulations defined in a contract that must be met for the contract to be considered fulfilled.

Offer In Definite Terms

A proposal made with specific conditions clearly stated, necessary for the formation of a legally binding contract.