Listed Below Are Various Controls Found in a System of Internal

question 58

Short Answer

Listed below are various controls found in a system of internal control.
Required: Label each of the following controls as preventive (P),detective (D),or corrective (C).
________ 1.Transaction trail
________ 2.Rotation of duties
________ 3.Reconciliation
________ 4.Visual verification
________ 5.Batch controls
________ 6.Endorsement
________ 7.Redundant processing
________ 8.Training of Personnel
________ 9.Batch balancing
________ 10.Automatic error correction

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Definitions:

Cash Flow Stream

A series of cash inflows and outflows over a period, associated with an investment, project, or business operation.

Interest Rate

The cost of borrowing money or the amount paid for the use of funds, expressed as a percentage of the principal.

Effective Annual Rates

The effective annual rate (EAR) is the actual interest rate that an investment earns due to compounding over a given period, usually one year.

Nominal Rate

The interest rate before adjustments for inflation, representing the face value of financial products.