Internal Controls Include Policies to Direct Operations Toward Common Goals

question 51

True/False

Internal controls include policies to direct operations toward common goals, procedures to ensure reliable financial reports, safeguards to protect company assets and methods to achieve compliance with laws and regulations.

---

Definitions:

New-Category Entries

Products or services that introduce a new category to the market, often requiring the creation of demand and consumer education.

Planned Obsolescence

A business strategy in which the obsolescence of a product is planned and built into it from its conception, ensuring that consumers will need to purchase new products.

Ethical Issue

A situation or problem that requires individuals or organizations to choose between alternatives that must be evaluated as right or wrong, ethical or unethical.

Updated Product

A product that has been improved or modified with new features or designs to enhance its performance or appeal.