Information System Control Reports Ensure the Reliability of Information, Consisting

question 104

True/False

Information system control reports ensure the reliability of information, consisting of policies and their physical implementation, access restrictions, or recordkeeping of actions and transactions.

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Definitions:

Transactions

Business events that involve the exchange of goods, services, or funds, which impact a company's financial statements.

Ledger

A book or collection of financial accounts where transactions are recorded.

Trial Balance

A report that lists all the accounts and their balances at a particular time, used to verify that total debits equal total credits in the double-entry accounting system.

T-Account

A simplified account structure used for teaching and visualizing debits and credits, consisting of a title across the top and a left (debit) and right (credit) side.