Internal Control Procedures Do Not Include

question 172

Multiple Choice

Internal control procedures do not include:

• A)Procedures to ensure reliable financial reports
• B)Safeguards to protect company assets
• C)Methods to achieve compliance with laws and regulation
• D)Procedures to guarantee again fraud.
• E)Policies to direct operations toward common goals

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Definitions:

Equivalent Units

Equivalent units are a concept in cost accounting used to express the amount of work done during a period in terms of fully completed units of output, facilitating the calculation of cost per unit.

Job Order

A work authorization for a specific task or project, often including details such as materials, labor, and overhead costs.

Cost Of Production Report

A document that summarizes the production and cost activity within a specific period, often used in process costing environments.

Cost Of Goods Sold

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