Which of the Following Controls Is Not a Typical Control

question 34

Multiple Choice

Which of the following controls is not a typical control that affects multiple assertions for long-lived assets?

• A)Unlimited physical access to assets.
• B)Formal budgeting process with appropriate follow-up variance analysis.
• C)Periodic comparison of physical assets to subsidiary records with the general ledger.
• D)Periodic reconciliations of subsidiary records with the general ledger.

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Definitions:

Breach

A violation or infringement of a law, obligation, standard, or contract.

Reasonable Expenses

These are costs deemed necessary and appropriate under certain circumstances, often considered when evaluating expense claims or budgets.

Lien

A claim that one has against the property of another.

Warranty of Title

A legal guarantee provided by a seller to a buyer that the seller has the right to sell the property in question and that it is not encumbered by any undisclosed liens or claims.