A Key Internal Control Over the Acquisition Cycle Is to Ensure

question 125

Multiple Choice

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of

• A) accuracy.
• B) completeness.
• C) timing.
• D) occurrence.

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Definitions:

Glaciers

Large masses of ice that form on land by the compaction and recrystallization of snow, moving slowly over time.

Sea Level

The general level of the ocean's surface, used as a baseline for measuring elevation or depth on Earth.

Sea Cave

A type of cave formed primarily by the wave action of the sea, often found along coastlines.

Sea Stack

An isolated, pillar-like, rocky island or pinnacle near a rocky coastline.