The IT Control Associated with Business Processes Is

question 76

Multiple Choice

The IT control associated with business processes is

• A)Entity-level controls
• B)IT general controls
• C)Application controls
• D)Event controls

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period, facilitating the calculation of net income or loss.

Post-Closing Trial Balance

A trial balance prepared after closing entries are made, showing the balances of ledgers that remain for the start of the next period.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset since its purchase.

Depreciation Expense

Methodically dispersing the cost of a physical asset over its serviceable lifetime.