CAT Questions

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Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

Internal control is all of the policies and procedures management uses to achieve the following goals.

• Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

• Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

• Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

• Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

• Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

Hence, Internal controls are concerned with safeguarding assets.

Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City).

The halogens make up group 17 in the periodic table.

They are five elements:

Chlorine (Cl)

Fluorine (F)

Bromine (B)

Iodine (I)

Astatine (At).

But astatine is not purely halogen as it is radioactive.

Jeff Bezos is the richest person in modern history. The Amazon.com Inc. founder’s net worth broke $150 billion in New York on 16th July 2018 morning, according to the Bloomberg Billionaires Index.

That’s about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world’s second-richest person.

Seawater or salt water is water from a sea or ocean.

On average, seawater in the world's oceans has a salinity of approximately 3.5% or 35 parts per thousand. This means that for every 1 litre (1000 mL) of seawater there are 35 grams of salts dissolved in it.

Hence, The average salinity of seawater is 3.5%.