A Business Event Which Is Not Properly Authorized Violates the Control

question 31

Multiple Choice

A business event which is not properly authorized violates the control goal of:

• A) input validity
• B) input completeness
• C) input accuracy
• D) update validity

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Definitions:

Specific Identification

An inventory costing method where the cost of each specific item in inventory is identified and assigned to the sold units.

Individually Identifiable

Characteristics of an asset or an entity that can be distinctly identified, isolated, and valued separately from other assets or entities.

Cost of Goods Available

Cost of goods available refers to the total cost of inventory that a company has to sell at the beginning of an accounting period, including purchases made during the period.

FOB Destination

A shipping term where the seller retains risk and ownership of goods until they are delivered to the buyer's location, at which point the buyer assumes responsibility.