If Only One Person Has the Necessary IT Skills and Experience

question 22

True/False

If only one person has the necessary IT skills and experience to evaluate systems requests, that person should consult closely with users and managers throughout the company to ensure that business and operational needs are considered carefully.

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Definitions:

Generally Accepted Accounting Principles

A broad set of accounting standards, principles, and procedures that entities follow to compile their financial statements, ensuring consistency and comparability.

Substantially Completes Performance

This term refers to a situation in which a party has completed a major portion of its obligations under a contract, meeting a threshold that often allows for recognition of revenue or fulfillment obligations.

Earned

Describes income that has been generated from work, investment, or business operations and has thus contributed to net income.

Contract

A legally enforceable agreement between two or more parties with explicit terms and conditions.