Explain Various Types of Information Systems Controls

question 81

Essay

Explain various types of information systems controls.

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Definitions:

Insurance

A financial product sold by insurance companies to safeguard against financial losses from specific risks, such as accidents, theft, or natural disasters.

Adjusting Entry

An accounting entry made in the journals at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, listing revenues and expenses to show net profit or loss.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.