Physically Locking Up Assets and Electronically Securing Other Assets and Information

question 8

Multiple Choice

Physically locking up assets and electronically securing other assets and information is required by the internal control principle of:

• A) restricting access.
• B) establishing responsibilities.
• C) segregation of duties.
• D) documenting procedures.

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Definitions:

Profit Declines

A decrease in the difference between revenues earned and expenses incurred over a given period.

Analog TVs

Television systems that use analog signals to transmit video and audio as opposed to digital formats; now largely obsolete with the advent of digital broadcasting.

Product Life Cycle

The progression of a product through stages from introduction to growth, maturity, and decline.

Maturity Stage

This term refers to a phase in the product lifecycle where sales growth slows down, and the product has been accepted in the market, typically leading to increased competition.