Internal Controls Over the Input, Processing, and Output of Accounting

question 6

Multiple Choice

Internal controls over the input, processing, and output of accounting applications are called:

• A)Accounting Controls
• B)Application Controls
• C)Network Controls
• D)LAN Controls

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Definitions:

Marginal Cost

The increase in cost resulting from the manufacture of one extra product or service unit.

Average Total Cost

The total cost of production divided by the quantity produced, including both fixed and variable costs.

Total Profit

The total income a business earns after subtracting all expenses, taxes, and costs associated with producing and selling its goods or services.

Monopoly Power

The ability of a single seller or company to control the market for a particular good or service, leading to limited competition.