Which Technique of ICFR Documentation Describes the Activities Performed and Flow

question 50

Multiple Choice

Which technique of ICFR documentation describes the activities performed and flow of documents using diagrams and symbols?

• A) Narratives.
• B) Job descriptions.
• C) Questionnaires.
• D) Flowcharts.

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Definitions:

Net Income

The total profit or loss of a company after all revenues, expenses, and taxes have been accounted for, typically reported on an income statement.

Trading Securities

Financial securities that are purchased by a company not for long-term investment but rather for the purpose of selling them in the short term to generate profit.

Fair Value

Fair value is an estimate of the market value of an asset or liability, based on current prices in an active market or through valuation techniques.

Financial Statements

Reports that provide detailed information on a company's financial performance, including balance sheet, income statement, and cash flow statement.