Match the Following Elements of Internal Control

question 8

Multiple Choice

Match the following elements of internal control:
-monitoring

• 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:

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been purchased or distributed to customers.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.

Raw Material Purchases

The acquisition of the basic inputs or resources that are converted through manufacturing processes into final products.

Factory Overhead

Costs related to the operation of a manufacturing plant which cannot be directly associated with specific units of production, such as utilities, maintenance, and management salaries.