Which Type of Control Prevents,detects,and Corrects Transaction Errors and Fraud

question 15

Multiple Choice

Which type of control prevents,detects,and corrects transaction errors and fraud?

• A)general
• B)application
• C)detective
• D)preventive

Identify the bodies responsible for setting generally accepted accounting principles (GAAP) and their role.

Describe the principle of conservatism in accounting.

Understand the conditions under which companies can change accounting methods.

Comprehend the benefits and criticisms of fair value accounting.

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Definitions:

Excise Tax

A tax applied specifically to the sale of certain goods, often including alcohol, tobacco, and fuels.

High-Fat Foods

Foods that contain a high proportion of fat content, which can have various health impacts.

Diversity Training

Is specifically designed to enable members of an organization to function better in a diverse workplace.

Language Training

Language Training refers to the process of teaching and learning a foreign or second language to improve communication skills.