Controls Over the Period Ending Reporting Process Include

question 65

Multiple Choice

Controls over the period ending reporting process include:

• A)procedures to enter estimated transaction totals into the general ledger
• B)procedures used to record recurring and nonrecurring adjustments to the annual and quarterly financial statements
• C)procedures related to the selection and processing of accounting policies
• D)procedures used to initiate,authorize,record,and process journal entries in the general ledger
• E)procedures for recording annual and quarterly financial statements and related disclosures
• F)both A and B
• G)both B and D
• H)both C and E

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Definitions:

Time-Compression

Strategies or technologies that reduce the time between the initiation and completion of a process or project.

Policy Decisions

High-level choices made by organizations or governments that set directions, establish regulations, or guide the implementation of strategies.

Monte Carlo Simulation

A statistical technique that uses random sampling and repeated trials to calculate outcomes of uncertain variables.

Mathematical Model

A representation of a system, process, or relationship in mathematical form, using symbols and equations.