In the Rational Model, the Decision Maker Strives To

question 4

Multiple Choice

In the rational model, the decision maker strives to:

• A)satisfice
• B)optimize
• C)select the alternative agreeable to the majority
• D)apply a heuristic

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Definitions:

Internal Control

A system of policies and procedures implemented by a firm to safeguard its assets, ensure financial reporting accuracy, promote operational efficiency, and encourage adherence to prescribed managerial policies.

Operational Efficiency

The ability of an organization to minimize input and operational costs while maximizing output or productivity.

Internal Controls

Procedures and measures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Internal Control

Internal control comprises the procedures and processes implemented by a business to safeguard assets, enhance the reliability of accounting records, and promote efficiency.