The Main Objective(s) of Internal Accounting Controls Is/are

question 75

Multiple Choice

The main objective(s) of internal accounting controls is/are:

• A)To increase customer satisfaction.
• B)To increase revenue.
• C)To prevent or detect errors and fraudulent acts.
• D)To facilitate new product lines.
• E)To increase employee morale.

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Definitions:

Accounting Loopholes

Specific provisions or gaps in financial regulation that can be legally exploited to avoid or reduce tax liabilities.

Massage Numbers

Informal and potentially unethical practices of manipulating financial data to present more favorable results than the actual performance.

Negative Covenant

A clause in a loan or bond agreement that restricts certain activities by the borrower to protect the lender's interests.

Capital Expenditures

Capital expenditures are funds used by a company to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment.