The Purpose of Preventive Controls Is to Discover Fraud or Errors

question 42

True/False

The purpose of preventive controls is to discover fraud or errors that may have occurred
during transaction processing and to rectify those errors.

---

Definitions:

Profit-Maximizing

The strategy or approach that a firm adopts aiming to achieve the highest possible profit from its operations, considering all variables and constraints.

Profit-Maximizing

The process or strategy of setting production levels or prices to achieve the highest possible profit.

Nondiscriminating Monopolist

A monopolist that charges all consumers the same price for its product, as opposed to engaging in price discrimination.

Profit-Maximizing

A strategy or process businesses use to achieve the highest possible profit from their operations.