A Company Requires the Controller's E-Approval for All Fixed Asset

question 96

True/False

A company requires the controller's e-approval for all fixed asset purchases in excess of $50,000. Audit software can be used to identify if there are any instances where a fixed asset purchase in excess of $50,000 lacked the controller's e-approval, instead of manual checking.

---

Definitions:

Commission

A form of payment to an employee based on the amount of sales they generate.

Percentage

A mathematical term describing a number or ratio as a fraction of 100, used in various contexts to express proportions or comparisons.

Amount Earned

The total money earned by an individual or company, typically before taxes and other deductions.

Voluntary Deduction

An optional financial deduction from an employee's paycheck, such as for health insurance or retirement savings plans, agreed upon by the employee.