Which of the Following Is an Example of a Concurrent

question 81

Multiple Choice

Which of the following is an example of a concurrent control system?

• A) Instituting a preventive maintenance plan.
• B) Sampling complete products to ensure quality.
• C) Measuring how many units a certain employee completed on his or her shift.
• D) Observing employees during the work shift to ensure that they are complying with standards.

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Definitions:

Exchange Transactions

Transactions in which each party to the deal exchanges goods or services of comparable value; this can include trade of goods, services, or financial assets.

Tangible Assets

Physical assets that can be touched or felt, such as machinery, buildings, and land.

Cost Method

An accounting method used to value investments, where the investment is recorded on the balance sheet at its purchase cost.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the IASB that provide a global framework for preparing financial statements.