Accounting Systems Have Control Objectives and Control Procedures to Mitigate

question 2

Essay

Accounting systems have control objectives and control procedures to mitigate the risks that the control objective is not met.
For each of the following, select whether they are a control objective, risk, or control procedure.
a. Organisations sell goods or services to customers with poor credit ratings
b. Goods are purchased only from approved suppliers
c. All purchase invoices must be matched to purchase orders and goods received notes

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Definitions:

Top-Down

A processing approach that starts with higher cognitive functions to guide perception or actions based on knowledge or expectations.

Beliefs And Expectations

Refers to the perceptions and anticipations an individual has about the world, often influencing their behavior and decision-making.

Parallel Processing

A method of information processing in which multiple data streams are processed simultaneously.

Serial Processing

A cognitive approach where the brain processes information in a linear, step-by-step sequence, one item at a time.