The Rules That Regulate and Govern the Internal Operations of a Corporation

question 65

Multiple Choice

The rules that regulate and govern the internal operations of a corporation are known as:

• A) the certificate of incorporation
• B) the bond
• C) the corporate constitution
• D) statutes of business
• E) none of the other choices

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Definitions:

Cash Controls

Financial procedures and policies that are implemented to manage and monitor cash transactions, to prevent theft, fraud, or errors.

FASB Controls

Guidelines and standards established by the Financial Accounting Standards Board (FASB) to govern the financial reporting and accounting practices of companies in the United States.

GAAP Controls

Financial and accounting guidelines and standards designed to ensure accurate and consistent financial reporting and accounting practices.

Bank Statement

A document or report provided by a bank, summarizing the transactions in a customer's account over a specific period.