An Element of Internal Control Is

question 172

Multiple Choice

An element of internal control is

• A) risk assessment
• B) journals
• C) subsidiary ledgers
• D) controlling accounts

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Definitions:

Reserve Assets

Funds or other assets held by a central bank or monetary authority to back its liabilities and support the stability of its currency.

Adjustable Rate Mortgages

A type of mortgage loan where the interest rate can change, typically in relation to an index, and thus monthly payments can increase or decrease.

Economic Efficiency

The optimal allocation of resources to maximize output and meet the population's needs and wants.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services at all levels within a society.