Which of the Following Internal Accounting Control Objectives Relate to Establishing

question 92

Multiple Choice

Which of the following internal accounting control objectives relate to establishing the system of accountability and are aimed at the prevention of errors and irregularities? 1.Authorization
2) Promoting operating efficiency
3) Reconciliation
4) Recording
5) Safeguarding
6) Valuation

• A)3 and 4
• B)4 and 5
• C)1,3,and 4
• D)1,4,and 5
• E)2,3,and 5

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Definitions:

Secondary Changes

Consequential modifications or adjustments that occur as a result of primary actions or policies.

Federal Gasoline Tax

A tax imposed by the federal government on the sale of gasoline, used primarily to fund transportation projects.

General Equilibrium

A state in which all markets in an economy are in simultaneous equilibrium, with supply equaling demand in each market.

Normal Good

A good for which demand increases as the income of the consumer increases, showing a positive relationship between income and demand.