Internal Control Relates to an Organization's Achievement of Objectives in Three

question 22

Multiple Choice

Internal control relates to an organization's achievement of objectives in three major categories.Which of the following best pairs one of the categories with a specific example?

• A)Operations, fulfilling the requirements of the Foreign Corrupt Practices Act
• B)Operations, listing appropriate assets at their current market value
• C)Reporting, fulfilling the requirements of the Foreign Corrupt Practices Act
• D)Reporting, listing appropriate assets at their current market value

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Definitions:

Tax-Exempt

A status that exempts individuals or organizations from having to pay certain taxes.

Tax Liability

The total amount of tax owed to the government by an individual, corporation, or other entity within a given tax period.

Corporation

A legal entity that is separate and distinct from its owners, who are shareholders; it has rights, privileges, and liabilities independent of them.

FMV

Fair Market Value, the price that property would sell for on the open market.