Asset Tracking Occurs When a Company Places Active or Semi-Passive

question 68

True/False

Asset tracking occurs when a company places active or semi-passive RFID tags on expensive products or assets to gather data on the item's location with little or no manual intervention.

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Definitions:

Segregation Of Duties

An internal control method used to prevent fraud and errors, which involves dividing tasks and responsibilities among different people to ensure no single individual controls all aspects of a transaction.

Internal Controls

Mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Computerized Systems

Electronic systems that use computers to manage, store, and process data, often used in modern accounting practices.

Reliable Financial Reporting

Financial reporting that accurately reflects an entity's financial performance and position, ensuring users can depend on the veracity and precision of the disclosed information.