The Acronym ERP Stands for "Electronic Reporting Plan

question 19

True/False

The acronym ERP stands for "electronic reporting plan."

Understand the segregation of duties principle and its application in preventing fraud.

Explain the significance of using checks for cash disbursements and the control it provides.

Describe the function and management of a petty cash fund, including internal controls.

Know how to prepare a bank reconciliation and understand the types of transactions that affect it.

---

Definitions:

Past Experience

Previous events or activities that an individual has encountered, often influencing current behaviors and perceptions.

Person Perception

The process by which individuals form impressions and make judgments about the characteristics and motives of others.

Attributes

are qualities, features, or characteristics that are associated with or inherent in someone or something.

Contrast Error

A cognitive bias in performance evaluation where the assessment is influenced by the comparison with others rather than objective criteria.