The Type of Service Organization Control (SOC)report That Is for General

question 26

Multiple Choice

The type of service organization control (SOC) report that is for general use is:

• A)SOC 1.
• B)SOC 2.
• C)SOC 3.
• D)SOC 4.

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Definitions:

Accounting Profit

Net income as reported on the financial statements, which includes revenue minus expenses, excluding the cost of capital.

Depreciated Value

The reduced valuation of an asset after accounting for wear and tear, age, or obsolescence.

Market Value

The price at which an asset would trade in a competitive auction setting.

Opportunity Cost

The expense incurred from bypassing the next most favorable choice when a decision is made.