Control Activities Are the Policies and Procedures That Management Has

question 62

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Control activities are the policies and procedures that management has adopted to provide reasonable assurance that the financial reports are accurate and that the company's objective are being met. List the five categories of control activities and give a specific example of each.

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Definitions:

Market Value

The existing market price for the acquisition or disposal of an asset or service.

Auction Markets

Marketplaces where buyers and sellers bid on assets, with the highest bid winning the asset.

OTC

Over-the-Counter (OTC) refers to the process of trading securities directly between two parties without the oversight of an exchange.

TSX

Stands for the Toronto Stock Exchange, one of the largest stock exchanges in the world, based in Canada.