If Controls Are in Place to Ensure That Transactions Are

question 24

Multiple Choice

If controls are in place to ensure that transactions are recorded in the accounting period,this satisfies which internal control objective?

• A)Real
• B)Valued
• C)Posted
• D)Timely

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Definitions:

Printed Provisions

Standard terms and conditions that are preprinted on contracts or legal documents.

Parol Evidence

Refers to verbal evidence, as opposed to written, that is not included in a contract's written version, which is typically not admissible to contradict the terms of a finalized written agreement.

Completely Integrated

Referring to a system or process where all components or stages are fully incorporated and seamlessly work together.

Orally Agrees

A verbal agreement where the parties involved have consented to terms through spoken communication, as opposed to written contracts.