The Best Method of Achieving Internal Control Over Advanced IT

question 72

Multiple Choice

The best method of achieving internal control over advanced IT systems is through the use of:

• A)Batch controls.
• B)Controls written into the computer system.
• C)Equipment controls.
• D)Documentation controls.

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Definitions:

Net Income

The profit of a company after all expenses and taxes have been deducted from revenue, indicating its financial performance.

Shares Outstanding

The total number of a company's shares that are currently owned by shareholders, including those held by institutional investors and restricted shares owned by the company’s officers and insiders.

Days Sales Outstanding

A calculation used by a company to estimate the average number of days it takes to collect payments after a sale has been made.

Receivables

Funds that are owed to a company by its customers as a result of the sale of goods or services on credit.