The Internal Control That Requires an "Independent Verification of Calculations

question 20

Multiple Choice

The internal control that requires an "independent verification of calculations and amounts" satisfies the objective of

• A)occurrence.
• B)completeness.
• C)accuracy.
• D)posting and summarization.

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Definitions:

Destination Contract

A contract for the sale of goods where the seller is required to ship the goods to a specific location and title passes to the buyer upon delivery at that location.

Risk of Loss

A legal term concerning who bears the responsibility for damage or loss of goods under a contract at any given point in a transaction.

Transit

The act or process of moving people or goods from one place to another.

Common Carrier

An entity that offers transportation services to the public under the license or authority provided by a regulatory body, obligated to serve without discrimination.