Which of the Following Statements Presents an Example of a General

question 74

Multiple Choice

Which of the following statements presents an example of a general control for a computerized system?

• A)Limiting entry of sales transactions to only valid credit customers.
• B)Creating hash totals from Social Security numbers for the weekly payroll.
• C)Restricting entry of accounts payable transactions to only authorized users.
• D)Restricting access to the computer center by use of biometric devices.

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Definitions:

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Bonds Payable

Long-term liabilities representing amounts owed by an entity to bondholders, to be repaid at specified maturity dates with interest.

Net Book Value

The net book value is the value at which an asset is carried on a balance sheet, calculated as the original cost minus accumulated depreciation and impairment losses.

Carrying Value

The net amount at which an asset or liability is reported in the financial statements, factoring in its original cost and any related depreciation, amortization, or impairment costs.