Policies and Procedures Used to Promote Efficient Company Operations Are

question 141

Multiple Choice

Policies and procedures used to promote efficient company operations are known as:

• A)Inventory control.
• B)Internal controls.
• C)Cash controls.
• D)Asset controls.
• E)Management controls.

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Definitions:

Breach of Duty

Failure to fulfill a legal obligation or duty, leading potentially to legal liability.

Exclusive Agreement

A contract between two or more parties where one party agrees to buy, sell, or promote only the products or services of the other party.

Reasonable Efforts

A legal standard that requires a party to act with fair, honest, and diligent efforts to fulfill an obligation.

Actual Authority

The specific powers that a principal has expressly given to an agent to make decisions on their behalf.