Which of the Following Is TRUE of the Internal Control

question 129

Multiple Choice

Which of the following is TRUE of the internal control component-information system?

• A) Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate.
• B) Control procedures are designed to ensure that the business's goals are achieved.
• C) Only authorized users have access to various parts of the information system.
• D) The information system is the "tone at the top" or the culture of the business.

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Definitions:

Bills Of Exchange Act

Legislation that governs the creation, transfer, and payment of bills of exchange, a type of negotiable instrument.

Negotiable Instruments

Legal documents guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee's name either mentioned or left blank.

Bill Of Sale

A legal document that serves as proof of transfer of ownership from the seller to the buyer.

Bills Of Exchange Act

The Bills of Exchange Act is legislation that regulates the creation, transfer, obligations, and rights of parties involved in bills of exchange, a form of negotiable instrument used in trade and finance.