Which of the Following Is True of the Internal Control

question 32

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:

Usury Laws

Regulations that set the maximum interest rate that can be charged on loans.

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, paid to the lender for the use of their funds.

Usury Laws

Regulations governing the amount of interest that can be charged on a loan, intended to protect consumers from excessive rates.

Shortage

A situation in which the demand for a product or service exceeds its supply in a market.