Business Objective is defined as a detailed picture of a result that company wants to achieve. Strategies are the way to achieve the business objective. It’s the layout of Objective i.e., how to get there. Process is defined as a series of actions in order to achieve strategies planned. Transaction is exchange, sale, purchase that involves money and has impact on financial statements. Internal Controls procedures, rules or policies implemented by a management to safeguard assets and ensure transactions are being carried out in an efficient and effective manner, promote accountability, check compliance of laws, regulations and standards and minimize risk by preventing fraudulent behavior. To describe: Relationship between business objectives, strategies, processes, transactions and control.

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Chapter 2, Problem 2.20MCQ

To determine

Introduction:

Business Objective is defined as a detailed picture of a result that company wants to achieve.

Strategies are the way to achieve the business objective. It’s the layout of Objective i.e., how to get there.

Process is defined as a series of actions in order to achieve strategies planned.

Transaction is exchange, sale, purchase that involves money and has impact on financial statements.

Internal Controls procedures, rules or policies implemented by a management to safeguard assets and ensure transactions are being carried out in an efficient and effective manner, promote accountability, check compliance of laws, regulations and standards and minimize risk by preventing fraudulent behavior.

To describe: Relationship between business objectives, strategies, processes, transactions and control.

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