Which of the Following Controls Can Minimize the Threat of Inaccurate

question 76

Multiple Choice

Which of the following controls can minimize the threat of inaccurate financial statements?

• A)Training and experience in applying IFRS and XBRL.
• B)Responsibility accounting.
• C)Backup and disaster recovery procedures.
• D)Restriction of access to general ledger.

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Definitions:

Common Shares

Equity investments representing ownership rights in a corporation, entitling holders to vote on company matters and receive dividends.

Lowest Terms

The simplest form of a fraction, where the numerator and denominator are reduced to their smallest values.

Purchasing Power

The value of currency expressed in terms of the amount of goods or services that one unit of money can buy.

CPI

This index, named the Consumer Price Index, assesses the cumulative weighted prices of a collection of consumer-related goods and services, with categories including transportation, healthcare, and food.