A Company's Labor Distribution Report Requires Extensive Corrections Each Month

question 56

Multiple Choice

A company's labor distribution report requires extensive corrections each month because of labor hours charged to inactive jobs.Which of the following data processing input controls appears to be missing?

• A)Completeness test.
• B)Validity test.
• C)Limit test.
• D)Control total.

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Definitions:

Registered

This can refer to securities, companies, or assets that have been officially recorded and recognized by regulatory authorities.

Premium

The amount by which the price of a financial instrument or commodity exceeds its principal or face value, or the amount paid for an insurance policy.

Coupon Rate

The yearly rate of interest that the entity issuing a bond pays to its investors, typically shown as a portion of the bond's nominal value in percentage terms.

Ask Price

The ask price is the lowest price a seller is willing to accept for a security, commodity, or currency in financial markets.