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:

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced or sold.

Cartel

An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.

Marginal Cost

The increase in total cost that arises from producing an extra unit of output.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.