Internal Control Objectives Are Designed to Assist the Organization in Assuring

question 28

Multiple Choice

Internal control objectives are designed to assist the organization in assuring which of the following:

• A)the organization has effective and efficient operations related to its overall strategy
• B)the activities of the organization are in compliance with applicable laws and regulations
• C)the assets of the organization are safeguarded from theft and fraud
• D)all of the above.

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Definitions:

Expenses

The costs incurred by a business or individual in the process of earning revenue.

Deposit in Transit

A sum of money transferred or sent to a bank account but not yet recorded in the account's available balance, often due to processing times.

Outstanding Check

A check that has been written by a company but has not yet been cashed or cleared by the bank.

Accounting Records

Documents and books that capture a company's financial transactions, including journals, ledgers, and financial statements.