A Necessary Element of Internal Control Is

question 135

Multiple Choice

A necessary element of internal control is

• A) database
• B) systems design
• C) systems analysis
• D) information and communication

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Definitions:

Generally Accepted Accounting Principles

A set of widely adhered to principles and guidelines for reporting financial information.

Financial Accounting Standards Board

An independent organization responsible for establishing and improving financial accounting and reporting standards in the United States.

Net Income

The total profit of a company after accounting for all expenses and taxes; also known as net earnings or net profit.

Cash Receipts

The monetary amounts received by a company during a specific period for goods sold, services provided, or any other business activities.