An Internal Control System

question 61

Multiple Choice

An internal control system

• A)is maintained to ensure that transactions of a company are properly recorded and reported and the assets are safeguarded.
• B)is included in the set of footnotes to the financial statements.
• C)is an estimate of the profits a company expects to earn in the future.
• D)measures how much control management has over its staff.

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Definitions:

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A neutral and impartial third party brought into a conflict or dispute to help the involved parties reach a resolution.

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