Briefly discuss each of the components of the high-level model of business presented in the chapter (i.e. objectives, strategies, processes, etc.)
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Accounting
- The essential components of the high-level model of business offered in the chapter are: corporate governance, objectives, strategies, processes, controls, transactions, and financial statements.
- Corporate governance is carried out by management and the board of directors in order to ensure that business objectives are carried out and that company assets are safeguarded.
- To achieve its objectives, management must formulate strategies and implement various processes which are in turn carried out through business transactions.
- The entity's information and internal control systems must be designed to ensure that these transactions are properly executed, captured, and processed in order to produce accurate financial statements.
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