In Order to Master Risks and Controls and How They

question 21

Multiple Choice

In order to master risks and controls and how they fit together, which of the following is NOT one of the areas to fully understand?

• A)The accounting information system
• B)The description of the general and application controls that should exist in IT system
• C)The type and nature of risks in IT systems
• D)The recognition of how controls can be used to reduce risk

Recognize the accounting treatment for non-payment or default on a promissory note.

Understand the impact of collecting a note receivable on interest income and how it affects the balance sheet.

Understand the anatomy and physiology of the human eye.

Identify the components and functions of the human ear.

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Definitions:

Decreasing Rate

Describes a situation where the rate at which something happens or is done reduces over time.

Increasing Rate

A situation where the magnitude or quantity of something grows at a pace that accelerates over a given period of time.

Slope

In mathematics and economics, the measure of the steepness or incline of a line, often representing the rate of change.

Y-axis

The Y-axis is the vertical line in a graph or chart, which, in coordinate geometry, usually represents the range of values for a dependent variable.