Internal Controls Are Procedures Set Up To

question 151

Multiple Choice

Internal controls are procedures set up to:

• A) Protect assets.
• B) Ensure accounting reports are free from error,neutral and complete.
• C) Promote efficiency.
• D) Ensure company policies are followed.
• E) All of these answers are correct.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers over a range of prices.

Equilibrium Price

The cost where the amount of products offered matches the amount of products sought by consumers.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity of goods or services demanded at the market equilibrium price.

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price levels of those goods.