A System of Internal Control Consists of Policies and Procedures

question 53

Multiple Choice

A system of internal control consists of policies and procedures designed to provide management with

• A)reasonable assurance that the company achieves its objectives.
• B)assurance that fraud will be prevented.
• C)reasonable assurance that fraud will be detected.
• D)assurance that the firm's resources will be used in the optimal way.

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Definitions:

Vision Loss

A decrease in the ability to see to a degree that causes problems not fixable by usual means, such as glasses or contact lenses.

Cognitive Training

A set of exercises designed to improve specific brain functions including memory, attention, and problem-solving skills.

Cognitive Skills

Mental abilities involved in processing information, understanding concepts, solving problems, and making decisions.

Vascular Dementia

A type of dementia caused by reduced blood flow to the brain, leading to cognitive impairment and memory loss.