In a Computerized Environment,internal Controls Can Be Categorized as General

question 50

True/False

In a computerized environment,internal controls can be categorized as general controls and application controls.

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Definitions:

Treasurer

An officer in an organization responsible for managing the institution's treasury, including financial planning, risk management, and investment activities.

Controller

A high-level executive responsible for overseeing the accounting operations of a company, including financial reporting and budgeting.

S-Type Corporations

A special designation that allows profits to be passed directly to shareholders without being subjected to corporate income taxes, but with limitations on number and type of shareholders.

Double Taxation

A situation in which the same income is taxed twice; this commonly applies to corporate income taxed at both the company level and again when distributed to shareholders as dividends.