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

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Definitions:

Intuiting

The ability to understand or know something immediately, without the need for conscious reasoning; a gut feeling or instinct.

Cognitive Dissonance

A psychological discomfort experienced when an individual holds two or more contradictory beliefs, ideas, or values at the same time.

Escalation

The process of something becoming or being made more intense, severe, or serious.

Optimism

A mental attitude reflecting a belief or hope that the outcome of some specific endeavor, or outcomes in general, will be positive, favorable, and desirable.