The Structured,measured Set of Activities Designed to Produce a Specific

question 23

Multiple Choice

The structured,measured set of activities designed to produce a specific output for a particular customer or market best defines:

• A)formal systems
• B)key business processes
• C)secondary activities
• D)production systems

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Definitions:

Internal Control

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

Purchase Discounts

A reduction in the price of goods bought, usually for early payment or in bulk quantity.

Net Method

An accounting technique that reports invoice amounts and accounts payable after deducting any available discounts for early payment.

Cash Discount

A reduction in the price paid for goods or services offered to the buyer as an incentive for early payment.