Which Control Is Most Likely to Address the Goal of Input

question 17

Multiple Choice

Which control is most likely to address the goal of input completeness?

• A) agreement of run-to-run totals
• B) digital signature
• C) independent validation of vendor invoice
• D) tickler file of open purchase orders and receiving reports

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Definitions:

Period Costs

Expenses that are not directly tied to the production of goods and are instead charged to the time period in which they are incurred.

Product Costs

The direct and indirect costs incurred in producing a product, including materials, labor, and overhead expenses.

Inventoriable Costs

Costs associated with the production of goods that are capitalized as inventory on the balance sheet until the goods are sold.

Cost Concepts

Fundamental ideas that underlie the recording, classification, and reporting of costs in the context of accounting and finance.