Match the Following Elements of Internal Control

question 153

Multiple Choice

Match the following elements of internal control:
-control environment

• A)provides reasonable assurance that business goals will be achieved
• B)used by management for guiding operations and ensuring compliance with requirements
• C)overall attitude of management and employees
• D)used to locate weaknesses and improve controls
• E)identify, analyze and assess likeliness of vulnerabilities

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Definitions:

Capital Expenditures Budget

A financial plan detailing a company's projected spending on fixed assets such as buildings and equipment.

Accounting Period

A specific time frame during which financial transactions are recorded and financial statements are prepared, typically lasting twelve months.

Capital Expenditures Budget

A financial plan for a company's planned acquisitions of long-term assets, such as property, plant, and equipment, that are expected to provide benefits over many years.

Operating Budgets

Financial plans that outline projected income and expenses for a business over a specific period, typically one year, guiding daily decision-making.