The Main Purposes of Internal Controls Include

question 31

Multiple Choice

The main purposes of internal controls include:

• A)prevention of error,theft,and fraud.
• B)promotion of efficiency.
• C)ensuring compliance with laws and regulations.
• D)all of the answers are acceptable.

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Definitions:

ITQs

Individual Transferable Quotas, a system used in fisheries management that allocates a certain quantity of fish that can be caught by each fisherman or company.

Efficient Use

Utilization of resources in a way that maximizes the output or benefits while minimizing waste, costs, or inefficiencies.

Own Quotas

Quantitative limits assigned to an individual or company regarding the amount of a particular good that can be produced, imported, or acquired, often used for regulation or protectionist purposes.

Overexploited

A condition where natural resources are consumed at a rate faster than they can replenish, leading to depletion or significant ecological damage.