A Type of Data Entry Control That Would Ensure That

question 83

Multiple Choice

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n) ________ check.

• A)validity
• B)existence
• C)closed loop verification
• D)reasonableness

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Definitions:

Voucher System

A set of procedures for authorizing and recording liabilities and cash payments.

Internal Control

Procedures and policies implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote operational efficiency.

Cash Payments

Transactions in which payment for goods or services is made with cash at the time of purchase.

Voucher

A special form for recording relevant data about a liability and the details of its payment.