Regarding Internal Control Systems

question 124

Multiple Choice

Regarding internal control systems:

• A) ultimate ownership of the system should rest with the board of directors.
• B) a properly implemented system can be expected to provide 100 percent assurance that the organization will meet its objectives.
• C) both a. and b.
• D) neither a. not b.

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Definitions:

Lost Future Sales

Revenue that a business could have earned from sales but is unable to due to disruptions, competition, or other factors.

UCC Exception

A specific deviation from the Uniform Commercial Code, allowing for different applications of law in certain cases.

Federal Consumer Protection Laws

Legislation enacted by the federal government aimed at ensuring consumer rights are upheld, preventing fraud, deception, and unfair business practices.

Lemon Laws

are state laws in the United States designed to protect consumers from buying or leasing defective vehicles that cannot be repaired satisfactorily.