A Fiduciary Has the Special Responsibility to _________

question 5

Multiple Choice

A fiduciary has the special responsibility to _________ .

• A)care for another's financial interests
• B)sell goods as efficiently as possible
• C)provide as much information as possible
• D)take a professional interest in another's success

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Definitions:

Internal Control

Systems and processes implemented by a company to ensure the reliability of financial reporting, compliance with laws and regulations, and efficiency of operations.

Elements

In accounting, elements refer to the basic categories of financial data that are classified in the financial statements, such as assets, liabilities, equity, revenue, and expenses.

Cash Receipts

Money received by a business or organization, including payments from customers, refunds, and interest earned.

Cash Sales

Transactions in which payment for goods or services is made at the time of sale, typically in cash or equivalent means.