Internal Controls Are Designed to Help and Protect All of the Following

question 18

Multiple Choice

Internal controls are designed to help and protect all of the following groups of people, EXCEPT

• A) Creditors
• B) Management
• C) Investors
• D) Tax collectors

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Definitions:

Maintain More Than One Supply Source

The strategy of sourcing materials or products from multiple suppliers to reduce dependency on a single source.

Competitive Bidding

a procurement process where multiple suppliers submit offers, or bids, to win a contract to supply goods or services, often promoting fair pricing and quality.

Own Transportation Vehicles

pertains to businesses or individuals possessing and utilizing their own vehicles for transportation needs instead of relying on external services.

Production Manager

A professional responsible for overseeing the production process of a company, ensuring efficient operations and meeting production targets.