IT Controls That the Auditor Might Expect to Find in the Long-Term

question 22

Multiple Choice

IT controls that the auditor might expect to find in the long-term and owner's equity process are

• A)Long-term debt is recorded when cash related to owner's equity issues is entered
• B)increases in the common stock account and the additional paid in capital account are supported by increases in either cash or assets
• C)accrued interest entries must be supported by information about the principal,interest rate,and origination date of the debt
• D)IT system provides access to individuals to input debt transactions and stock transactions
• E)Treasury stock transactions are reported to the board of directors
• F)both A and D
• G)both A and E
• H)Both B and C

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