Each of the Following Is a Feature of Internal Control

question 6

Multiple Choice

Each of the following is a feature of internal control except

• A)management planning.
• B)periodic independent verification.
• C)limited access to assets.
• D)authorization of transactions.

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Definitions:

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported.

Free-Trade Policies

Government policies aimed at reducing or eliminating barriers to trade between countries, such as tariffs and quotas, to encourage international commerce.

GATT

The General Agreement on Tariffs and Trade, a legal agreement between many countries, aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs or quotas.

World Trade Organization

An international body established to promote and regulate trade between member countries.