The AICPA Trust Services Principles Do Not Protect the History

question 98

True/False

The AICPA Trust Services Principles do not protect the history of purchases since these are classified as "public knowledge events."

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Definitions:

Reportable Segment

A component of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources.

External Customers

Individuals or entities that purchase goods or services from a company but are not part of the company itself.

Revenue

Income arising in the course of an entity’s ordinary activities.

Entity Wide Basis

An approach to financial reporting that presents the aggregate information of all segments and activities of an entity.