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Describe the characteristics, advantages, and disadvantages of a virtual organization.
Internal Control System
Procedures and processes implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Cash Receipts
The total amount of cash received by a company during a specified period from its various business activities.
Cash Payments
Transactions in which payment is made in the form of cash instead of credit.
Internal Control Objectives
Aims to ensure the accuracy and reliability of financial reports, compliance with laws and regulations, and the effectiveness and efficiency of operations.
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