Which of the Following Best Explains One of the Four

question 9

Multiple Choice

Which of the following best explains one of the four basic purposes of internal control?

• A) Eliminating error.
• B) Uncovering fraud.
• C) Promoting confidence in financial statements.
• D) Eliminating the need for audits.

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Definitions:

Bananas

A widely consumed fruit, grown in tropical regions, known for its high potassium content.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, representing the benefits one misses out on.

Production Possibilities Schedule

A table or graph showing the different quantities of two goods that can be produced using the same resources fully and efficiently.

Steel

A hard, strong alloy of iron with carbon and usually other elements, used extensively as a structural and fabricating material.