Match Seven of the Terms (A-I) with the Definitions Provided

question 32

Short Answer

Match seven of the terms (a-i) with the definitions provided below (1-7):
a. Control environment
b. Control activities
c. Independent checks on performance
d. Internal control
e. Monitoring
f. Separation of duties
g. General authorization
h. Specific authorization
i. Risk assessment
________ 1. Management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and are modified when needed.
________ 2. Company-wide policies for the approval of all transactions within stated limits.
________ 3. The actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about internal control and its importance to the entity.
________ 4. Segregation of the following activities in an organization: custody of assets, accounting, authorization, and operational responsibility.
________ 5. Management's identification and analysis of risks relevant to the preparation of financial statements in accordance with an applicable accounting framework.
________ 6. Policies and procedures that help ensure that necessary actions are taken to address risks in the achievement of the entity's objectives.
________ 7. A process designed to provide reasonable assurance regarding the achievement of management's objectives in the following categories: (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with applicable laws and regulations.

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Definitions:

Buyer-Specific Investment

Investments made by a company tailored to the needs or specifications of a single buyer, often to strengthen the business relationship or secure long-term contracts.

Procurement Goal

Objectives set by an organization’s procurement department focusing on acquiring goods and services to meet its needs in terms of quality, quantity, timing, and cost.

Total Cost

The complete cost of producing and delivering a product or service, including material, labor, overhead, and any other direct or indirect costs.

Intellectual Property

Intellectual property encompasses legal rights granted to individuals or organizations over their creations, such as inventions, literary and artistic works, designs, and symbols, names, and images used in commerce.