A(n) ______________________________ Control Plan Is Designed to Discover Problems That

question 87

Short Answer

A(n) ______________________________ control plan is designed to discover problems that have occurred.

---

Definitions:

360-Day Year

An accounting convention that simplifies interest calculation by assuming all months have 30 days, resulting in a 360-day year.

Interest Charged

The cost incurred for borrowing money or the amount earned on deposited funds, usually expressed as a percentage of the principal.

Contingent Liability

A potential financial obligation that may arise depending on the outcome of a future event.

Contingent Liabilities

Liabilities that may arise from past transactions if certain events occur in the future.