If Controls Are in Place to Ensure That Transactions Are

question 77

Multiple Choice

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

• A) timely
• B) real
• C) valued
• D) posted

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Definitions:

Rent Revenue

Income generated from leasing out property or equipment to another party.

Direct Method

A way of presenting a cash flow statement where actual cash flows from operating activities are disclosed directly.

IFRS

International Financial Reporting Standards, a set of accounting rules and standards that dictate how financial statements should be reported and are recognized globally.

GAAP

Stands for Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.