Internal Controls Are Procedures Set Up to

question 147

Multiple Choice

Internal controls are procedures set up to

• A)Protect assets.
• B)Ensure company policies are followed.
• C)Ensure accounting reports are free from error, neutral and complete.
• D)Promote efficiency.
• E)All of these answers are correct.

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Definitions:

Quality Managers

Professionals responsible for monitoring and evaluating the various stages of the production process to ensure that the final product meets predetermined quality standards.

Decentralization

The distribution of decision-making power and responsibility to lower levels within an organization.

Responsibility Accounting Reports

These are financial reports designed to track the financial performance of specific departments or units within an organization, emphasizing accountability and performance evaluation.

Lower-Level Managers

Managers who oversee the day-to-day operations within an organization, usually supervising entry-level employees.