As an Internal Control for Source Documents, Transaction Limits Are

question 15

Multiple Choice

As an internal control for source documents, transaction limits are most likely to ___ an error.

• A)Prevent
• B)Detect
• C)Correct
• D)Eliminate

---

Definitions:

Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Total Revenue

The aggregate earning of a company from its operational activities, an indicator of its market success.

North American Free Trade Agreement

A trade agreement between Canada, Mexico, and the United States to remove tariffs and facilitate commerce.

European Union

A political and economic union of 27 European countries that are located primarily in Europe, aiming to ensure free movement of goods, capital, services, and labor among its member states.