Internal Controls Over Year-End Cash Balances in the General Account

question 53

Essay

Internal controls over year-end cash balances in the general account can be divided into two categories. List the two below.

Comprehend the impact of technology on team dynamics and communication.

Acknowledge the principles of delivering and receiving constructive criticism.

Appreciate the importance of professionalism in phone and virtual communications.

Understand the significance of teamwork and group decision-making processes.

---

Definitions:

Comparative Advantage

The ability of a country, individual, or firm to produce a particular good or service at a lower opportunity cost than others.

Marginal Cost

The cost incurred by producing one additional unit of a product or service.

Opportunities Forgone

The benefits, profit, or value of something that must be given up to acquire or achieve something else.

Opportunity Cost

The outcome of forgoing possible advantages from other alternatives by choosing one option.