Good Accounting Controls

question 98

Multiple Choice

Good accounting controls

• A)include all methods and procedures that facilitate management's planning and control of operations.
• B)help maximize efficiency and minimize waste,unintentional errors,and fraud.
• C)are not concerned with the accuracy of the financial records.
• D)are not concerned with safeguarding assets.
• E)All of the above statements are true concerning accounting controls.

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Definitions:

Strategic Opportunism

Focuses on long‐term objectives while being flexible in dealing with short‐term problems.

Long-Term Objectives

Goals or plans that are intended to be achieved over an extended period, typically over several years, focusing on future growth and development.

Short-Term Problems

Issues or challenges that need immediate attention and resolution, typically affecting an organization or individual over a brief period.

Crisis Management

The identification, prevention, and handling of emergencies, especially those that threaten to harm an organization's people, profitability, or reputation.