The Internal Control Process of Requiring the Check of the Fixed

question 23

Multiple Choice

The internal control process of requiring the check of the fixed asset subsidiary ledger and depreciation schedule for mathematical accuracy and agreement with authorized documentation, will help to minimize the risk of:

• A)Incorrect amounts
• B)Lost or stolen assets
• C)Duplicate transactions
• D)Omitted transactions

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Definitions:

Bankruptcy

A legal process through which individuals or businesses unable to meet their financial obligations can seek relief from some or all of their debts.

ROE

Return on Equity, a measure of a corporation's profitability that shows how much profit a company generates with the money shareholders have invested.

Business Software

Computer software designed to help individuals and companies conduct their business activities more efficiently.

Integrated Oil and Gas

Integrated oil and gas companies are those involved in the entire value chain of the oil and gas industry, including exploration, extraction, refining, and distribution.