In Establishing a Good Internal Reporting System, a Company Should

question 62

Multiple Choice

In establishing a good internal reporting system, a company should:

• A)Ensure that these reports agree to generally accepted accounting principles.
• B)Have the Board of Directors agree to the information provided.
• C)Establish clearly understood standards of performance.
• D)All of the above are valid reasons.

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Definitions:

Core

The central or most important part of something, especially the foundational or essential parts that define its nature.

Major Sources

Principal or most important origins or points of supply, typically referring to information, materials, or resources.

Glocalization

A combination of globalization and localization, referring to the adaptation of global products, ideas, and cultural practices to local contexts and markets.

Homogenization

The process of making things uniform or similar, often used in cultural contexts to describe the reduction of cultural diversity through the dominance of particular cultural norms.