Internal Controls Can Be Viewed As

question 15

Multiple Choice

Internal controls can be viewed as:

• A) a means to limit the amount of money paid in a fraud suit.
• B) a hindrance to productive business practices.
• C) loss prevention tools.
• D) loss detection tools.

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, established to conduct business or engage in activities, with the ability to own assets, incur liabilities, and sell shares.

Certificate of Limited Partnership

A legal document filed with a state governmental body to form a limited partnership, outlining the rights and obligations of each partner.

Secretary of State

A high-ranking official in a state government responsible for maintaining public records and documents, among other duties, varying by country.

Limited Partner

An investor in a partnership who has limited liability to the extent of the amount of their investment and does not participate in the day-to-day management of the business.