Transactions Which Were Erroneous and Had Been Previously Rejected by the Computer

question 11

Multiple Choice

Transactions which were erroneous and had been previously rejected by the computer system apparently were not being reentered and reprocessed once they had been corrected.This erroneous condition is best controlled by:

• A)Comparing a record count of transactions input into the system
• B)A comparison of the batch control totals
• C)Scanning the error control log
• D)Scanning the console log
• E)Desk checking

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Definitions:

Initial Franchise Fees

The upfront cost paid by a franchisee to a franchisor to enter into a franchise agreement, typically covering training, support, and the right to use trademarks.

Revenue Recognition

The accounting principle that determines the specific conditions under which income becomes recognized as revenue.

Installment Sales Method

An accounting method used to recognize revenue from sales where payment is received in installments over a period.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) aimed at making global financial reporting more transparent and comparable.