Considering the Issue of Drug Abuse,provide an Example of Each

question 43

Essay

Considering the issue of drug abuse,provide an example of each of the following forms of social control: (a)retroactive,formal control; (b)preventative,informal control; and (c)retroactive self-regulation.

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Definitions:

Periodic Inventory System

An inventory system in which the inventory records are updated only after a physical count has been taken at periodic intervals, usually at the end of an accounting period.

Inventory Account

An account in the ledger that tracks the cost of goods a company has in stock that are available for sale.

Internal Control

Processes adopted by organizations to ensure accuracy and integrity in financial reporting, operational efficiency, and compliance with laws and regulations.

Financial Statements

Formal records that outline the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.