Which of the Following Is a Key Element of Good

question 44

Multiple Choice

Which of the following is a key element of good internal control?

• A)having latest version of information system installed
• B)having audits at periodic intervals
• C)having a good working environment for employees
• D)allowing no vacations and job rotations

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Definitions:

Operating Expenses

Costs associated with a business’s operations, including rent, utilities, payroll, and materials, but excluding the cost of goods sold.

Discounted Price

The reduced price of a good or service, typically offered for promotions or sales.

Retail Selling Price

The final price at which goods are sold to consumers, including all taxes, markups, and additional costs.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, determining the selling price.