Match the Following Elements of Internal Control

question 126

Multiple Choice

Match the following elements of internal control:
-Risk assessment

• A)Provides reasonable assurance that business goals will be achieved
• B)Used by management for guiding operations and ensuring compliance with requirements
• C)Overall attitude of management and employees
• D)Used to locate weaknesses and improve controls
• E)Identify, analyze, and assess likeliness of vulnerabilities

Identify the components and phases of an accounting system's lifecycle, including system analysis, design, and feedback.

Comprehend how transactions are recorded in the general and specialized journals.

Understand the role of subsidiary ledgers and control accounts in the accounting process.

Distinguish between different types of transactions and their appropriate journal entries.

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Definitions:

Customers' Unwillingness

The resistance or reluctance of consumers to purchase products or services, usually due to dissatisfaction or perceived lack of value.

Likert-type Questions

A psychometric response scale primarily used in questionnaires to obtain participant's preferences or degree of agreement with a statement.

Generalizations

Statements that apply broadly across various contexts, often extending findings from a specific study to larger populations.

Panel

A longitudinal study where data are collected from the same subjects at multiple points in time.