Match the Following Terms with Their Correct Definitions

question 91

Multiple Choice

Match the following terms with their correct definitions.
-procedure that provides physical protection of the company's assets

• A)accounting system
• B)business process risks
• C)control activities
• D)control environment
• E)internal control system
• F)safeguarding
• G)segregation of duties
• H)strategic risks

Understand accounting and reporting practices for capital assets and related contributions in not-for-profit organizations.

Comprehend the requirements and methods for accounting for donated goods and services in not-for-profit organizations.

Identify the purposes of using an encumbrance system in budgeting and accounting for not-for-profit entities.

Apply knowledge of differences between not-for-profit organizations and business enterprises in financial reporting.

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Definitions:

Status Quo

Refers to the existing state of affairs or current conditions in any given situation.

Slavery

The most extreme form of social stratification, based on the ownership of people.

Earthly Suffering

Denotes the pain, hardship, and distress experienced by individuals or populations due to worldly circumstances, often contrasted with spiritual or existential concepts.

Ruling Class

The social class that controls the means of production in a society and, therefore, has power over governance and decision-making.