Tape and Disk Output Controls Are Primarily Concerned With

question 95

Multiple Choice

Tape and disk output controls are primarily concerned with:

• A)The storage space problem
• B)Building control totals
• C)Validating checksums
• D)The encoding process

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Definitions:

AASB 137

The Australian Accounting Standards Board standard that specifies the accounting for provisions, contingent liabilities, and contingent assets.

Deferred Liability

A deferred liability is a financial obligation that a company owes and is recorded on its balance sheet to be settled in a future period.

Uncertain Future Events

Events whose occurrence and impact cannot be predicted with certainty, often requiring risk management and contingency planning.

Contingent Liability

A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.