Internal Control Comprises the Plan of the Organisation and the Procedures

question 20

Multiple Choice

Internal control comprises the plan of the organisation and the procedures and records that are concerned with:

• A) authorisation of transactions.
• B) reliability of statistical data.
• C) decision processes of management.
• D) achievement of the company's objectives and goals.

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Definitions:

Wire Strippers

A hand tool used to remove the insulation from electric wires to make connections or terminations.

Manufacturer

A business entity engaged in the production of goods through the processing of raw materials and components.

Net Operating Income

Net operating income is the profit derived from a company's regular, core business operations, excluding expenses and revenues from non-operating activities, crucial for assessing operational efficiency.

Monthly Sales

The total revenue or volume of sales generated by a business within a calendar month.