Which of the Following Describes the Internal Control Procedure Competent,reliable

question 55

Multiple Choice

Which of the following describes the internal control procedure competent,reliable and ethical personnel?

• A) The information system is critical.
• B) A company must train and supervise high-quality employees.
• C) External auditors monitor internal controls.
• D) A company purchases burglar alarms.

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Definitions:

Interim Statement

Financial reports prepared and presented for periods less than a fiscal year, such as quarterly or half-yearly.

Operating Segment Disclosures

Financial reporting requirements that necessitate entities to disclose income, expense, and other significant information about their operating segments.

U.S. GAAP

The Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting used in any jurisdiction, including the rules and standards for corporate financial reports.

Interest Expense

The cost incurred by an entity for borrowed funds over a period of time.