Internal Control Consists of the Related Methods and Measures Adopted

question 185

Short Answer

Internal control consists of the related methods and measures adopted to ____________ its assets and enhance the ______________ and ______________ of its accounting records.

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Definitions:

Physical Factors

Elements of the physical environment that can affect businesses and individuals, such as geography, climate, and natural resources.

Local Labor Costs

The expenses associated with employing labor in a specific geographic location, including wages, benefits, and taxes.

Analytic Production

A methodological approach in manufacturing focusing on using data analytics to optimize production processes, increase efficiency, and reduce costs.

Hazardous Materials

Substances that pose a risk to health, property, or the environment due to their chemical, physical, or biological properties.