As a Form of Internal Control Within the Acquisition/payment Process

question 6

Multiple Choice

As a form of internal control within the acquisition/payment process, internal auditors are most likely to:

• A)Prevent or detect a problem.
• B)Prevent or correct a problem.
• C)Detect or correct a problem.
• D)None of these; internal auditors are not a form of internal control for the acquisition/payment process.

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Definitions:

Sushi Restaurant

A dining establishment that specializes in the preparation and serving of sushi, a traditional Japanese dish featuring vinegared rice combined with various ingredients, including seafood and vegetables.

Opportunity Cost

The cost of the next best alternative that must be foregone as a result of making a particular decision.

Limited Resources

A term that describes the finite availability of resources such as time, money, and raw materials, which are necessary for the production of goods and services.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs, and how these choices interact in markets.