The Objectives of Internal Control Are To

question 5

Multiple Choice

The objectives of internal control are to:

• A) prevent unintentional errors and irregularities.
• B) safeguard assets and enhance the accuracy and reliability of the accounting records.
• C) enhance the accuracy and reliability of financial statements.
• D) safeguard assets and prevent thefts.

Analyze the conditions under which an economy operates on its production possibilities frontier (PPF) and the significance of points within, on, and outside the PPF.

Grasp the impact of economic growth, technological development, and efficiency on an economy’s production possibilities.

Distinguish between the economic roles of entrepreneurs and their contribution to economic activities.

Realize the effects of employment levels on economic production and how it relates to the production possibilities frontier.

---

Definitions:

Established Value

The perceived worth or market value of an asset or company that has been recognized by investors or markets.

CFTC

The Commodity Futures Trading Commission, a United States federal agency that regulates the futures and options markets.

Futures Markets

Exchange-traded markets where participants buy and sell contract agreements on commodities or financial instruments for future delivery.

Regulated

Controlled or governed by rules, typically in the context of industries or practices subject to oversight by government agencies.