The Internal Control Objective of 'Classified' Means There Are Controls

question 33

Multiple Choice

The internal control objective of 'classified' means there are controls in place to ensure that:

• A)amounts are assigned to transactions
• B)transactions are recorded in the accounting period
• C)transactions are charged and allocated to the general ledger account
• D)fictitious or duplicate transactions are not included in the books of an organisation

---

Definitions:

Society's Preferences

The collective desires, priorities, and tastes of a community or society, influencing consumption and production.

Paradox of Voting

A situation in which the cost of voting (time, effort) appears to outweigh the individual benefits, making it rational for people not to vote, yet people still vote.

Marginal Cost

The outlay involved in producing an extra unit of a product or service.

Marginal Benefit

The increased pleasure or benefit received from consuming an additional unit of a product or service.