Safeguarding Assets and Ensuring Proper Reporting of Financial Information Are

question 85

True/False

Safeguarding assets and ensuring proper reporting of financial information are two of the objectives of having an internal control system.

---

Definitions:

Nominal Data

Nominal data refers to a type of data that is categorized without a natural order or rank, such as names, labels, or categories.

Z-test

A statistical test used to determine if there is a significant difference between the means of two variables, based on a normal distribution.

Chi-squared Distribution

A statistical distribution showing how the sum of squared independent standard normal variables is distributed, often used in hypothesis testing.

Goodness-of-fit Test

A statistical test used to determine if sample data fits a distribution from a population with a normal distribution.