Internal Control Policies and Procedures Have Limitations Not Including

question 40

Multiple Choice

Internal control policies and procedures have limitations not including:

• A) Establishing responsibilities.
• B) Human error.
• C) Collusion.
• D) Cost-benefit principle.
• E) Human fraud.

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Definitions:

Average

A statistical measure central to a data set or distribution, typically the sum of all values divided by the number of values.

Variable Cost

Costs that change in proportion to the level of activity or production volume.

Payroll Taxes

Taxes imposed on employers and employees, calculated as a percentage of the wages that employers pay their staff.

Fixed Costs

Fixed costs in a business that do not change with the amount of goods produced or sold.