Once a Year Boy Scout Troops Submit Financial Reports Describing

question 65

Multiple Choice

Once a year Boy Scout troops submit financial reports describing income and expenditures.This is an example of ____ control.

• A) preliminary
• B) screening
• C) postaction
• D) cybernetic
• E) feedback

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Definitions:

Net Income

The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.

Income Tax Expense

The amount of money a company or individual owes to the government based on the taxable income for a given period.

Average Collection Period

The average number of days it takes for a business to collect its accounts receivable.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.