What Is the Difference Between Deterrent Controls and Preventive Controls?​

question 46

Essay

What is the difference between deterrent controls and preventive controls?​

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Definitions:

Qualitative Characteristics

Features that make financial information useful to users, including relevance and faithful representation, among others, guiding the preparation and presentation of financial statements.

GAAP

A group of customary accounting regulations and benchmarks used in financial reporting.

Inventory Cost Flow

An accounting method that determines the cost assigned to goods sold and ending inventory based on the order in which the costs were incurred.

Class Action Lawsuit

A legal action filed by one or several individuals on behalf of a larger group of people who are affected by the same issue.