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Which types of controls are recommended for a global MNC versus a multi-domestic MNC?
Fiscal Year
A 12-month period used for accounting purposes and preparing financial statements, which may not coincide with the calendar year.
Supplies Account
An account used to track the cost of supplies bought and used by a business over a period.
Supplies Expense
Supplies expense refers to the cost of consumable supplies used during an accounting period, recognized as an expense on the income statement.
Physical Count
The actual counting of inventory items, typically performed at the end of an accounting period to verify records.
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