The Big Insurance Company Implemented a New Computer System to Track

question 74

Multiple Choice

The Big Insurance Company implemented a new computer system to track and record insurance premiums receivable.The program automatically prints invoices and sends them to customers when premiums are due.Due to a program error,a whole series of invoices were included in sales but not in accounts receivable.The general balance-related audit objective affected by this activity is

• A)completeness.
• B)accuracy.
• C)classification.
• D)existence.

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Definitions:

Rereading

An often-used study technique involving going through the same material multiple times to improve memory and comprehension.

Lecture Notes

Written reminders or points taken during a lecture to aid memory and understanding of the presented material.

Cram

The act of studying intensively over a short period of time just before an examination.

Scientific Attitude

An approach characterized by skepticism, critical thinking, and reliance on empirical evidence for understanding phenomena.