A System of Internal Control Is Described As

question 32

Multiple Choice

A system of internal control is described as:

• A) including aspects of administrative controls and accounting controls.
• B) all procedures adopted by an entity to control its activities and protect its assets.
• C) all measures used by a business to promote the reliability of accounting data.
• D) all of these options.

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Definitions:

Excess Solvency

refers to the situation where a company holds significantly more assets or financial reserves than the minimum required by regulators to cover its liabilities and potential claims.

Proxy

A form of authorization given by a shareholder or other party allowing another person to vote or act on their behalf, often used in corporate settings.

Corporate Matters

Issues or affairs related to the governance, management, and regulatory compliance of corporations.

Model Business Corporation Act (MBCA)

A set of laws proposed by legal experts to guide states in the establishment of their corporate statutes.