One of the Most Important Reasons for Having a System

question 3

Multiple Choice

One of the most important reasons for having a system of internal control is to:

• A) improve the effectiveness and efficiency of the operations of the organization.
• B) ensure no employees have ever been convicted of stealing.
• C) eliminate any temptations that may be presented to employees that could lead to theft from the company.
• D)prevent a salesperson from using a company car for personal transportation.

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Definitions:

Spot Market

A market in which financial instruments or commodities are traded for immediate delivery and payment, contrasting with futures markets where delivery is set at a future date.

Spot Rate

The current price or rate of a financial instrument or commodity available for immediate settlement or purchase on the open market.

Canadian Dollar

The currency of Canada, represented by the symbol CAD or C$, used for all financial transactions within the country.

The National Post

A Canadian English-language national newspaper based in Toronto, covering a wide range of topics including news, current affairs, and editorial content.