In the Revenue Cycle,the Internal Control "Limit Access" Applies to Physical

question 66

True/False

In the revenue cycle,the internal control "limit access" applies to physical assets only.

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Definitions:

Fixed Cost

A cost that does not change with the volume of sales.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.

Variable Costs

Costs that vary directly with the level of production or sales, such as materials and labor.

Net Income

The amount of money left over after all expenses and taxes have been subtracted from total revenue.