Internal Auditing Is Considered to Be Part of an Organization's

question 25

Multiple Choice

Internal auditing is considered to be part of an organization's:

• A)Accounting system.
• B)Control activities.
• C)Monitoring.
• D)External controls.

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Definitions:

Gross Profit

The financial gain a company achieves after subtracting the cost of goods sold from its total revenue.

Operating Expenses

Expenses incurred in the normal operation of a business, excluding the cost of goods sold.

Net Sales

This is the amount of sales generated by a company after deducting returns, allowances for damaged or missing goods, and any discounts allowed.

Gross Profit

The difference between revenue and the cost of goods sold before accounting for certain other costs.