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List and Define Each of the Five Elements of Internal

question 105

Essay

List and define each of the five elements of internal control.


Definitions:

Uninsurable Risk

A risk that cannot be covered by an insurance policy due to its high probability of occurring or the inability to accurately price it.

Sources

Refers to the origins or providers of information, materials, or financial resources.

Economic Profit

The surplus or difference between a firm's total revenues and its opportunity costs, including both explicit and implicit costs.

Sources

The origins or locations from which something is obtained.

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