The Purpose of Security Controls Is to Ensure That Entity

question 118

True/False

The purpose of security controls is to ensure that entity resources are protected from loss, destruction, disclosure, copying, sale, or other misuse.

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Definitions:

Checks

Checks are written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a designated party.

Bank

A financial institution licensed to receive deposits and make loans.

Lockbox System

A service provided by banks to process payments quickly by having those payments mailed directly to a location accessible by the bank.

Collection Time

The average period it takes a company to receive payments owed by its customers, reflecting its efficiency in managing credit and collecting debts.