Internal Control Is Defined to Include Which of the Following

question 43

Multiple Choice

Internal control is defined to include which of the following?

• A) Preparation of accounting reports
• B) Measures to encourage compliance with business policies
• C) Use of the double entry accounting system
• D) The elimination of cash deficiencies

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Definitions:

Marginal Revenue

The additional income that is generated by selling one more unit of a product or service.

Loss Minimization

A strategy in economics and business focused on reducing the losses incurred by a firm or individual to the lowest possible level.

Average Total Cost

The total cost of production divided by the number of goods produced, representing the cost per unit of output.

Marginal Revenue

The additional income from selling one more unit of a good; it is the change in total revenue that comes from selling an additional unit.