An Internal Control System Consists of the Policies and Procedures

question 65

True/False

An internal control system consists of the policies and procedures companies use to protect assets, ensure reliable accounting, promote efficient operations, and uphold company policies.

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Definitions:

Social Responsibility

The obligation of companies to conduct their business in a way that is ethical and beneficial to society.

Ethical Climate

The moral atmosphere of the work environment and the level of ethics practiced within a company.

Firm Performance

An assessment of how well a company achieves its business objectives, often measured through financial metrics such as revenue, profit, and return on investment.

Customer Loyalty

A customer's willingness to repeatedly return to a company to conduct some type of business due to the delightful experiences or products provided by that company.