Match the Following Elements of Internal Control

question 126

Multiple Choice

Match the following elements of internal control:
-Risk assessment

• A)Provides reasonable assurance that business goals will be achieved
• B)Used by management for guiding operations and ensuring compliance with requirements
• C)Overall attitude of management and employees
• D)Used to locate weaknesses and improve controls
• E)Identify, analyze, and assess likeliness of vulnerabilities

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Definitions:

Customer Discount

A reduction in the price offered to customers, often as an incentive for early payment or as part of promotional efforts.

Sales Tax

A tax imposed by governments on the sale of goods and services, collected by the retailer at the point of purchase.

Sales Discount

From the seller’s perspective, a discount that a seller may offer the buyer for early payment.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer is responsible for the cost and liability of goods during transportation once they are shipped.