Preventing Errors During Processing _______

question 101

Multiple Choice

Preventing errors during processing _______.

• A)is an important objective of every accounting system
• B)is an optional objective of every accounting system
• C)is the responsibility of the auditor
• D)is the responsibility of the internal auditors

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Definitions:

Going Concern Assumption

An accounting principle assuming that a company will continue in operation for the foreseeable future.

Monetary Unit Assumption

An accounting principle that assumes transactions can be recorded and expressed in a stable currency.

Economic Entity Assumption

An accounting principle that treats a company as a separate entity from its owners or other businesses, keeping its financial transactions distinct.

Revenue Recognition Principle

An accounting principle that dictates the specific conditions under which revenue is recognized or recorded.