The Two Broad Categories of Transaction Control Are

question 137

Multiple Choice

The two broad categories of transaction control are

• A) general controls and specific controls.
• B) general controls and application controls.
• C) general controls and basic controls.
• D) basic controls and application controls.

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Definitions:

Cash Account

An account that tracks the amount of cash available to a business or individual.

Raw Materials Inventory

The total cost of all the materials kept in stock that have not yet been used in manufacturing.

Net Operating Income

The total profit of a company after operating expenses are subtracted from operating revenues but before deducting taxes and interest.

Materials Quantity Variance

The deviation found by multiplying the standard cost per unit with the difference in the actual and expected standard volumes of materials used in the production process.