The Following Are Types of Internal Controls EXCEPT _____ Controls

question 63

Multiple Choice

The following are types of internal controls EXCEPT _____ controls.

• A) Preventive
• B) Retrospective
• C) Corrective
• D) Detective

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Definitions:

Term of Loan

The period over which a loan agreement is in effect, at the end of which the loan must be repaid in full.

Nominal Rate

The stated interest rate on a loan or financial product, not accounting for inflation or compounding effects.

Term of Loan

The length of time over which the loan is scheduled to be repaid.

Compounded Annually

The process of earning interest on both the initial principal and the accumulated interest from previous periods, calculated once a year.