COGNITIVE ASSESSMENT Your Company Uses an Information System That Has

question 145

Multiple Choice

COGNITIVE ASSESSMENT Your company uses an information system that has existed for many years and is relied upon heavily. What kind of system is it?

• A) ancestral
• B) generational
• C) integrated
• D) legacy

Grasp the role of opportunity cost in economic decisions.

Explain the characteristics and benefits of a market economy.

Describe the implications of private ownership and free exchange.

Understand the economic rationale for specialization and division of labor.

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Definitions:

Securities & Exchange Commission

A federal agency responsible for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges.

External Audit

An external audit is conducted by an independent firm or individual to examine an organization's financial records and operations to ensure the accuracy and integrity of its financial statements.

Internal Control

A process designed to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

Significant Accounting Policies

These are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements.