Which of the Following Is an Example of a Type

question 54

Multiple Choice

Which of the following is an example of a type of control that may be tested?

• A)Interest accrued on notes payable.
• B)Cash surrender value of life insurance classified as long-term asset.
• C)A spreadsheet used to create a pivot table for the summarization of accounts receivable.
• D)Reconciliations performed monthly on accounts.

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Definitions:

Accounting Data

Information and records relating to the financial activities of a business, including transactions, balances, and other financial statements.

Labour Union

An organization that represents the collective interests of workers in negotiations with employers over wages, working conditions, and other employment terms.

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Share Price

It indicates the current price at which a single share of a company's stock can be bought or sold in the market.