The Objectives of Internal Control Do NOT Include

question 5

Multiple Choice

The objectives of internal control do NOT include:

• A)compliance with standards of social responsibility.
• B)safeguarding assets.
• C)promoting operational efficiency.
• D)compliance with legal requirements.

Understand the attribution theory of conflict and its implications for conflict resolution.

Learn about the evolution of culture and its impact on workplace conflict.

Understand the role and relevance of different accounting standards, including Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Identify the formal requirements and importance of the Certified Public Accountant (CPA) certification.

---

Definitions:

Principal

The primary party to a transaction or contract who has authorized another (agent) to act on their behalf or the main amount of debt before interest.

Constructive Notice

A legal fiction that signifies a person or entity should have known, as a reasonable person would have, even if they have no actual knowledge of it.

Apparent Authority

A principle that allows a third party to assume an agent has the authorization to act on behalf of a principal, even if such authority has not been granted.

Constructive Notice

A legal concept assuming that a person or entity is aware of facts by virtue of the information being publicly available, regardless of whether they have actually reviewed the information.