Verifying That an Adequate Chart of Accounts Is Used Is

question 101

Multiple Choice

Verifying that an adequate chart of accounts is used is a key internal control for the transaction-related objective of

• A) classification.
• B) accuracy.
• C) existence.
• D) occurrence.

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Definitions:

Clock Time

relates to the measurement of time using instruments or devices, typically standardized hours, minutes, and seconds, as opposed to subjective or natural measurements of time.

Time Currency

A concept where units of time are used as currency, often in systems of barter or trade for services where traditional money is not used.

Technological Control

The use of technology to monitor and control the production and distribution of products and services.

Security Badges

Identification cards or badges used to verify a person’s authorization to enter a secured area or access certain resources.