Controls That Provide a Means of Ensuring That the Physical

question 75

Multiple Choice

Controls that provide a means of ensuring that the physical counts are properly summarized,priced at the same amount as the unit records,correctly extended and totalled,and included in the general ledger at the proper amount are known as

• A)standard cost records.
• B)pricing internal controls.
• C)compilation internal controls.
• D)count quantity internal controls.

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Definitions:

IFRS Guidelines

The set of international accounting standards and principles that guide how financial statements should be prepared and disclosed.

Impairment Loss

A reduction in the recoverable amount of a fixed asset or goodwill below its carrying amount recorded on the balance sheet.

Input Market

The marketplace where resources or raw materials that a company uses to produce its products are bought and sold.

Long-lived Assets

Assets that are expected to provide economic benefits over a period of time longer than one fiscal year.