Examlex
All of the following statements are true EXCEPT
Operational Efficiency
The ability of an organization to minimize input and operational costs while maximizing output or productivity.
Internal Controls
Procedures and measures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Internal Control
Internal control comprises the procedures and processes implemented by a business to safeguard assets, enhance the reliability of accounting records, and promote efficiency.
Authority
The power or right given to an individual or body to make decisions, issue commands, and enforce obedience within a specific scope or area.
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