The Control Principle Related to Not Having the Same Person

question 2

Multiple Choice

The control principle related to not having the same person authorize and pay for goods is known as

• A)establishment of responsibility.
• B)independent internal verification.
• C)separation of duties.
• D)rotation of duties.

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Definitions:

Production Possibilities Frontier (PPF)

A curve showing alternative combinations of goods that can be produced when available resources are used efficiently; a boundary line between inefficient and unattainable combinations.

Output Combination

An output combination refers to the mixture of different goods and/or services produced by an economy or firm within a certain period, highlighting the diversity in production.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.

Labor Productivity

The measure of economic output per unit of input, typically calculated as total output divided by the number of hours worked.