The Data Captured as Business Events Occur Should Be Sufficient

question 91

True/False

The data captured as business events occur should be sufficient for someone who was not a party to the event to understand and reconstruct what happened.

---

Definitions:

Assignment Of Responsibility

The allocation of duties or tasks to individuals or teams within an organization to ensure accountability and efficiency.

Review And Reconciliation

The process of comparing two sets of records to ensure figures are accurate and in agreement, used to detect inconsistencies or errors in financial documents.

Electronic Funds Transfer

The digital transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.