Enterprise Controls

question 22

Multiple Choice

Enterprise controls:

• A)Are controls in Enterprise Resource Planning Systems
• B)Are controls required by the AICPA
• C)Affect only application controls
• D)Affect many general and application controls

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Definitions:

Shipping Costs

Expenses associated with the transport of goods from one location to another.

Liquidated Damages Agreement

A contractual provision that pre-determines the amount of damages to be paid if a party breaches the agreement.

Penal

Pertaining to punishment or penalties imposed for violations of laws or regulations.

Liquidated Damages

Predetermined sum agreed upon by the parties involved in a contract to be paid as compensation in case of breach, representing an estimate of actual damages that might result from non-performance.