The Main Objective of a Typical Governmental or Not-For-Profit Entity

question 32

True/False

The main objective of a typical governmental or not-for-profit entity is to earn a profit.

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Definitions:

Control Environment

The set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. It sets the tone for the importance of internal control and influences the control consciousness of its people.

Proofs And Security Measures

Proofs and security measures refer to the techniques and processes employed to verify the accuracy of financial information and protect it against theft, fraud, and other risks.

Petty Cash Fund

A small amount of cash on hand used for paying minor expenses.

Accounts Payable

Liabilities owed by a business to its suppliers or creditors for goods or services received.