Information Processing Controls Are Those That Are Put in Place

question 52

Multiple Choice

Information processing controls are those that are put in place within the organisation to work towards the _______ of transactions.

• A)efficiency,effectiveness,and accuracy
• B)timeliness,efficiency,and completeness
• C)accuracy,completeness,and authorisation
• D)authorisation,processing,accuracy

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Definitions:

Vickrey Auction

A sealed-bid auction where the highest bidder wins but pays the price offered by the second-highest bidder.

Willingness To Pay

The maximum amount a consumer is prepared to spend for a particular good or service, reflecting the value they place on it.

Expected Revenue

Expected revenue is the average amount of money a business anticipates earning over a certain period, based on projected sales volumes and prices.

Probability

A numerical expression ranging between 0 and 1 that indicates the chance of an event taking place, where 0 means the event cannot happen and 1 means it will definitely happen.