Internal Controls Cannot

question 38

Multiple Choice

Internal controls cannot:

• A)Prevent anomalous and undesirable occurrences
• B)Detect anomalous and undesirable occurrences
• C)Correct anomalous and undesirable occurrences
• D)Reverse the effects brought about by anomalous and undesirable occurrences

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Definitions:

Employment

The condition of having paid work or the number of people employed in an economy or specific sector.

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee for their labor or services.

Deadweight Loss

A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.

Excise Tax

A tax imposed on specific goods, such as tobacco and alcohol, typically to discourage their consumption or generate revenue.