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Which of the following statements is false regarding the efficient and economical achievement of the organization’s objectives?
A. Economical performance accomplishes objectives with minimal use of resources with no regard to risk exposure.
B. Efficient performance accomplishes objectives in a timely manner.
C. Economical performance accomplishes objectives with minimal use of resources commensurate with the risk exposure.
D. Efficient performance accomplishes objectives in an accurate and economical manner.
Correct Answer: A
Explanation/Reference:
Explanation:
Efficient performance accomplishes objectives and goals in an accurate, timely, and economical fashion. Economical performance accomplishes objectives and goals with minimal use of resources (i.e., cost) commensurate with risk exposure. Thus, to achieve economical performance when accomplishing objectives, the minimal cost should correspond to the degree of risk exposure.
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