Control Activities Under SA 78/COSO Include

question 34

Multiple Choice

Control activities under SA 78/COSO include

• A) IT Controls,preventative controls,and Corrective controls
• B) physical controls,preventative controls,and corrective controls.
• C) general controls,application controls,and physical controls.
• D) transaction authorizations,segregation of duties,and risk assessment

Recognize the implications of inventory misstatements on net income.

Identify the principles of inventory control and the significance of safeguarding inventory.

Comprehend the internal control measures necessary for inventory management.

Understand the role and importance of physical inventory counts in inventory management.

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Definitions:

Rank Order

Organizing or classifying a set of elements according to their importance, quality, or achievement in a sequential manner.

Rating Scale

A rating scale is a tool for assessing the magnitude or degree of a particular trait, behavior, or characteristic, typically through a numbered or graduated series.

Series Of Statements

A sequence or set of remarks, facts, or allegations presented in a logical order.

Event Sampling

A research method where the researcher records all occurrences of a specific event within a set period.