Internal Control Is a Process Designed to Achieve Objectives in Which

question 9

Multiple Choice

Internal control is a process designed to achieve objectives in which one of the following categories?

• A)reliability of financial reporting
• B)compliance with applicable laws
• C)ineffectiveness of operations
• D)both A and B

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Definitions:

Note Receivable

A written promise for amounts to be received by a business, typically including interest, from another party.

Note Payable

A written promise to pay a certain sum of money on a specified future date, which is a liability on a company's balance sheet.

Specified Amount

An exact or particular amount that has been agreed upon or is required within a certain agreement or context.

Written-off

The accounting practice of recognizing that an asset or receivable no longer has value and is unlikely to be collected.