The major reasons for exercising control of the organization's business processes include:
a. to provide reasonable assurance that the goals of the business are being achieved
b. to mitigate risks of fraud and other intentional and unintentional acts
c. to provide reasonable assurance that the company is in compliance with applicable legal and regulatory obligations
d. all of the above
Question 2
The three basic elements of the income statement are ________.
A) operating activities, investing activities, and financing activities
B) assets, liabilities, and shareholders' equity
C) revenues, expenses, and net income or loss
D) retained earnings, net income, and dividends
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