Limitations of Internal Control Include

question 107

Multiple Choice

Limitations of internal control include:

• A)Human fraud.
• B)Human error.
• C)Cost-benefit standard.
• D)Human error and fraud.
• E)All of these answers are correct.

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Definitions:

Buyer And Seller

Parties involved in the transaction of goods or services, where the buyer purchases from the seller.

Installment Payments

A system of paying for goods or services over a period of time in regular, scheduled payments.

New Business

A venture that has been recently established, entering its initial operational stage in the marketplace.

Valuation

The process of determining the present value of an asset or a company based on earnings, market value, or other methods.