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Financial Accounting

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Internal Controls Defined

FINACT-U$YT29

In regard to accounting, internal controls are defined as the policies and procedures put into place by a company to ensure:

Select ALL that apply.

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Company resources are used efficiently. The company complies with applicable laws. The company achieves profitability in its operations. Reported financial statement information is reliable. Employees act in civilized and humane manner. Compliance with management policies (e.g., safety violations, training requirements, vacation policies, etc.)