Which of the Following Is Not a Financial Control

question 29

Multiple Choice

Which of the following is not a financial control?

• A)budgets
• B)financial statements
• C)income statement
• D)audits
• E)ISO 14000

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Definitions:

Perpetual Inventories

A method of inventory management where the inventory records are updated on a continuous basis as transactions occur.

Product Costs

Expenses directly tied to the production of goods, including materials, labor, and factory overhead.

Process Cost System

An accounting methodology used to allocate costs to units of production in continuous or repetitive operations.

Lumber Mill

A facility where logs are cut into lumber.