The True statement about internal controls is <em>B. A system of internal controls is designed to prevent or detect errors and fraud.</em>
- Internal Controls are the techniques that an entity institutes to ensure the integrity of financial and accounting information, promote accountability of its employees, and prevent fraudulent activities.
- Strong internal controls can still be circumvented. Internal controls are not limited to company policies and procedures against fraud. The employment of a husband and wife or close relations in the same company is not prohibited by control procedures or separation of duties.
Thus, the true statement about internal controls is B.
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Answer:
1) The government prohibits gas stations from selling gasoline for more than $3.40 per gallon.
This statement is an example of price ceiling as the gas stations cannot raise their price above $3.40 but can sell it at any price lower than the ceiling price of $3.40. This is binding
2) Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. This is neither a price ceiling or floor as government isn't directly affecting the price with their policy
3) The government has instituted a legal minimum price of $3.40 per gallon for gasoline. This is an example of price floor and is binding. The reason it is a price floor is because the petrol stations cannot charge a price below $3.40 but can charge any price above the floor price of $3.40
Explanation:
Answer:
<u>A</u>
<u>Explanation</u>:
In this scenario note that it resulted to total dollar cost of the minutes provided been greater than the budgeted cost of estimated minutes.
Key word there is that the cost incurred is now above the budget, <u>therefore it is very likely that the technicians were being less competent than anticipated at their level, leading to greater cost.</u>
Most likely true! Economics is the knowledge/ study of how society functions!
Positive outcome would be having a good time with your friend and negative consequences would be getting in trouble if caught and or banned from going to football games
