A Necessary Element of Internal Control Is

question 135

Multiple Choice

A necessary element of internal control is

• A) database
• B) systems design
• C) systems analysis
• D) information and communication

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Definitions:

Current Margin

The present profit margin; the difference between the sales revenue and the cost of goods sold at the current time.

Desired Margin

The profit margin a company aims for over the cost of a product or service.

Increase Price

The act of raising the cost at which goods or services are sold, usually to reflect higher production costs or to gain greater profit margins.

Own-Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its own price, with higher elasticity indicating greater sensitivity.