Security of Assets and Documents Include All of the Following

question 50

Multiple Choice

Security of assets and documents include all of the following except:

• A)Water sprinklers
• B)Adequate insurance coverage
• C)Restricted movement of office supplies
• D)Security guards

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Definitions:

GAAP

A body of accounting and financial reporting standards and rules widely adopted, defined as Generally Accepted Accounting Principles.

Revenue Recognition

The accounting principle that revenue should be reported at the time goods are sold or services are rendered, regardless of when the payment is received.

Expense Recognition

The accounting principle that matches incurred expenses to the revenue they generate, recognizing expenses in the same period as the related revenues.

Revenue Recognition Principle

The accounting principle that revenue should be recorded when earned, regardless of when payment is received.