These Controls Are Intended to Prevent, Detect, or Correct Errors

question 96

Multiple Choice

These controls are intended to prevent, detect, or correct errors that occur during the processing of an application.

• A)Application Controls
• B)Source Document Controls
• C)Processing Controls
• D)Input Controls

---

Definitions:

Fiscal Year

A one-year period that companies and governments use for accounting purposes and preparation of financial statements, which may not align with the calendar year.

December 31

The last day of the year, often used as a cut-off date for annual financial reports and assessments.

Liabilities

Obligations of a monetary nature that an organization must fulfill to others, involving the exchange of economic values over an established timeframe.

Assets

Resources owned by a company that have economic value and can be used to meet debts, commitments, or investments.