The Control Objective Associated with Selecting a Sample of Recorded

question 112

Multiple Choice

The control objective associated with selecting a sample of recorded sales invoices from the sales journal and recalculating the cross totals of quantities and prices is

• A)validity
• B)accuracy.
• C)completeness.
• D)ownership.

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Definitions:

Negative Capital

occurs when a company's total liabilities exceed its total assets, indicating financial distress.

Balance

The amount of money currently in an account or owing on a debt, or the practice of equating debits and credits in bookkeeping.

Recovered

The process of regaining possession or control of something lost or stolen, or the return to a normal state of health, mind, or strength.

Liability

Legal responsibility for one's actions or omissions, including the obligation to make restitution.