Use the Following Terms to Fill in the Correct Answers

question 1

Multiple Choice

Use the following terms to fill in the correct answers.
An operating statement for an organization lists the 1. __, 2. __ , and 3. __; while the balance sheet presents an organization's 4. __, 5. __, and 6. __.

• A) Assets
• B) Liabilities
• C) Equity/Net Assets
• D) Revenues
• E) Expenses
• F) Surplus or Deficit/Change in Net Assets

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Definitions:

Internal Controls

Procedures and policies implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.

Independent

Free from external control or influence; not connected or dependent on something else.

Internal Control Systems

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Financial Results

The outcomes of a company's operations and activities in terms of profit or loss, revenue, and expense over a specific period.