SysTrust Was Developed Jointly by the AICPA and the CICA

question 22

True/False

SysTrust was developed jointly by the AICPA and the CICA to provide a high level of assurance about system reliability.

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Definitions:

Income Statement Accounts

Accounts found on the income statement, including revenues, expenses, gains, and losses, used to calculate net profit or loss for a period.

Post-closing Trial Balance

A list of all company accounts that remain after year-end closing entries have been made, used to verify the balance of debits and credits.

Financial Statements

Structured reports of an entity's financial activities and condition, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity.

Permanent Accounts

Accounts that carry their ending balances over into the next accounting period and are not closed out, such as assets, liabilities, and equity accounts.