A Key Internal Control Over the Acquisition Cycle Is to Ensure

question 125

Multiple Choice

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of

• A) accuracy.
• B) completeness.
• C) timing.
• D) occurrence.

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Definitions:

Belonging Needs

Refers to the human emotional need to be an accepted member of a group, reflecting a desire for companionship and acceptance.

Maslow

Referencing Abraham Maslow, a psychologist known for creating Maslow's hierarchy of needs, a theory in psychology explaining human motivation based on fulfilling a series of needs.

Model of Human Behavior

A theoretical framework used to understand, predict, and analyze the actions and reactions of individuals or groups.