A Walkthrough Involves Following a Transaction Back from When It

question 71

True/False

A walkthrough involves following a transaction back from when it is reflected in the financial records to when it originated to determine if the controls are effectively designed and have been implemented.

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Definitions:

Efficient Level

A state of resource allocation where it is not possible to make someone better off without making someone else worse off.

Excludable

A characteristic of a good where it is possible to prevent people who have not paid for it from having access to it.

Rival

A term describing a good or resource that cannot be enjoyed by more than one individual or group without reducing its availability to others.

Private Good

A product or service that is excludable and rival in consumption, meaning its use is limited to paying customers and one individual's use diminishes another's ability to use it.