Match the Following Terms with Their Correct Definitions

question 105

Multiple Choice

Match the following terms with their correct definitions.
-Collective term for procedures put into place to ensure that employees operate within the scope of their assigned responsibilities and act for the good of the business

• A)Accounting system
• B)Business process risks
• C)Control activities
• D)Control environment
• E)Internal control system
• F)Safeguarding
• G)Segregation of duties
• H)Strategic risks

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Definitions:

Traditional Costing System

is an accounting method that applies indirect costs to products based on a predetermined rate, often not reflecting actual usage of resources.

Direct Labor-Hours

The total hours of labor directly involved in producing goods or performing services.

Predetermined Overhead Rate

A rate calculated before the accounting period begins, used to estimate the overhead costs per unit of activity.

Casting Department

A specialized division in manufacturing where molten material is poured into molds to form products.