Internal Control Consists of the Related Methods and Measures Adopted

question 185

Short Answer

Internal control consists of the related methods and measures adopted to ____________ its assets and enhance the ______________ and ______________ of its accounting records.

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Definitions:

Firm's Overall Goals

Refers to the long-term objectives a company aims to achieve, which guide its strategic decisions and business directions.

Break-Even Quantity

The quantity of product sold at which total revenues equal total costs, resulting in no profit or loss.

Compensation

Remuneration or payment given to someone in exchange for their work or a service provided.

Salary Increase

An upward adjustment in an employee's pay rate, often awarded for performance, longevity, or changes in market conditions.