Which of the Following Would Be Considered a Part of Control

question 21

Multiple Choice

Which of the following would be considered a part of control activities in an internal control system?

• A)Having large quantities of cash on hand
• B)Separation of duties
• C)Having a leadership philosophy
• D)Locating weaknesses in an internal control system

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Definitions:

Sherman Antitrust Act

A landmark federal statute in the U.S. that prohibits monopolistic business practices, aimed at promoting fair competition for the benefit of consumers.

Monopoly

Monopoly describes the economic condition where one seller dominates the entire market, thus setting prices and product availability without competition.

Trade Restraints

Measures implemented by governments or businesses that restrict international trade, such as tariffs, quotas, and embargoes.

Antitrust Laws

Antitrust laws are regulations that promote competition by restricting monopolies, cartels, and other practices that can reduce consumer choices and hinder market efficiency.