By Maintaining a Well-Defined, Complete Chart of Accounts, an Organization

question 84

Multiple Choice

By maintaining a well-defined, complete chart of accounts, an organization minimizes the related risk of:

• A)Fraud and errors
• B)Invalid general ledger postings
• C)Theft and fraud
• D)Amounts posted to wrong accounts

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Definitions:

Computers

Electronic devices designed to accept data, perform prescribed mathematical and logical operations at high speed, and display the results.

Expected Value

The sum of all possible values each multiplied by its probability of occurrence.

Binomial Distribution

A probability distribution that models the number of successes in a fixed number of independent Bernoulli trials with the same probability of success.

Equation

An equation is a mathematical statement that asserts the equality of two expressions, typically containing one or more variables.