Having Management Periodically Determine Whether the Amount of Physical Assets

question 59

Multiple Choice

Having management periodically determine whether the amount of physical assets of the company match the accounting records is an example of which detective control?

• A)Separation of duties.
• B)Reconciliations.
• C)Performance reviews.
• D)Employee management.

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Definitions:

Supply Declines

A situation where the quantity of a good or service that producers are willing to sell at a given price decreases.

Demand Rises

An increase in the quantity of a product or service that consumers are willing and able to purchase at a given price level.

Given Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers at various price levels.

Excess Quantity Demanded

A situation where the quantity demanded of a good or service exceeds the quantity supplied at a particular price.