The Accuracy, Completeness, and Timeliness of the Process in IT

question 19

Multiple Choice

The accuracy, completeness, and timeliness of the process in IT systems is referred to as:

• A)Availability Risks
• B)Security Risks
• C)Confidentiality Risks
• D)Processing Integrity Risks

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Definitions:

Prospectively

Prospectively means looking forward or considering future events, often used in accounting in terms of adopting new policies for future transactions.

LIFO Reserve

The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and another inventory costing method like First In, First Out (FIFO).

Deferred Taxes

Taxes that are owed but not yet paid, arising from temporary differences between accounting and tax treatments of income and expenses.

Retrospective Adjustment

A change applied to the accounting records of prior periods to correct an error or implement a change in accounting principle.