Which of the Following Best Describes the Purpose of Control

question 45

Multiple Choice

Which of the following best describes the purpose of control activities?

• A) the actions, policies and procedures that reflect the overall attitudes of management
• B) the identification and analysis of risks relevant to the preparation of financial statements
• C) the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives
• D) activities that deal with the ongoing assessment of the quality of internal control by management

Understand the basic business strategies: low-cost, differentiation, and focused.

Identify the impacts of over-differentiation on an organization's resources.

Recognize the risks and disadvantages associated with focused and low-cost strategies.

Understand how organizations apply differentiation strategies to stand out from the competition.

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Definitions:

Participatory Planning

Includes the people who will be affected by plans and/or whose help is needed to implement them.

Increase Commitment

The process of enhancing dedication and loyalty towards a task, organization, or relationship, aiming for improved engagement and outcomes.

Scarce Resources

Natural or human-made assets that are limited in availability, often leading to competition for their use or allocation.

Participatory Planning

A planning approach that involves stakeholders, especially those affected by decisions, in the decision-making process to ensure inclusivity and relevance.