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List the Four Broad Objectives of the Internal Control System

question 120

Essay

List the four broad objectives of the internal control system.


Definitions:

Credit Terms

The terms that govern the timing and conditions of payment between buyers and sellers in credit transactions.

Credit Sale

A transaction where goods or services are provided to a customer with the agreement that payment will be made at a future date.

Return

The income generated from an investment, or the act of returning goods to the seller for a refund or exchange.

Terms

Conditions and agreements under which something is provided or is to be provided, detailing the rate, quantity, and period.

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