Internal Control Is Often Referred to as A(n)________,because It Permeates

question 83

Multiple Choice

Internal control is often referred to as a(n) ________,because it permeates an organization's operating activities and is an integral part of management activities.

• A)event
• B)activity
• C)process
• D)system

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Definitions:

Profits and Losses

Financial terms that represent the positive (profits) or negative (losses) financial outcomes of a business's operations over a particular period.

Partnership Entry

The initial recording of an individual's or entity's investment into a partnership.

Capital Balances

The amount of equity individual partners or shareholders have in a business.

Capital Account

An account on a company's balance sheet that represents the equity or ownership interests of shareholders, including paid-in capital and retained earnings.