The Purpose of ____ Control Goals Is to Ensure That

question 115

Multiple Choice

The purpose of ____ control goals is to ensure that entity resources are protected from loss, destruction, disclosure, copying, sale, or other misuse.

• A) efficiency
• B) effectiveness
• C) security
• D) input

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated before the next period's inventory is added.

Net Income

The net income of a company once all costs and taxes are subtracted from its revenues.

Overstatement

The exaggeration of income, assets, or worth in financial reporting.