Which of the Following Are Appropriate Controls for the General

question 66

Multiple Choice

Which of the following are appropriate controls for the general ledger and reporting system?

• A)Using well-designed documents and records.
• B)Online data entry with the use of appropriate edit checks.
• C)Prenumbering documents and accounting for the sequence numbers.
• D)All of the above are appropriate.

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Definitions:

Federal Funds

Reserve balances that commercial banks hold at Federal Reserve Banks, often referred to in the context of the federal funds rate, which is the interest rate at which banks lend to each other overnight.

Income Tax

Tax levied by a government directly on income, including wages, salaries, and investments.

Constitution

The fundamental principles and established precedents according to which a state or other organization is governed.

Police Power

The power retained by each state to pass laws that protect the health, safety, and welfare of its citizens.