Internal Control Is a Plan of Organization and System of Procedures,implemented

question 99

Multiple Choice

Internal control is a plan of organization and system of procedures,implemented by company ________ and the ________,designed to accomplish five objectives.

• A)internal auditors,employees
• B)external auditors,management
• C)management,board of directors
• D)external auditors,board of directors

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Definitions:

Unregulated Market

A market operating without governmental rules or oversight wherein the forces of supply and demand are unimpeded by outside control.

Price Controls

Regulatory measures by which a government seeks to control the price of goods and services, either by setting maximum prices (price ceilings) or minimum prices (price floors).

Natural Gas

A fossil fuel composed primarily of methane, used as a source of energy for heating, cooking, and electricity generation.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.