An Important Characteristic of IT Is Uniformity of Processing

question 98

Multiple Choice

An important characteristic of IT is uniformity of processing. Therefore, a risk exists that:

• A) auditors will not be able to access data quickly.
• B) auditors will not be able to determine if data is processed consistently.
• C) erroneous processing can result in the accumulation of a great number of misstatements in a short period of time.
• D) all of the above.

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Definitions:

Selling Price

The price at which an item or service is sold to a buyer, potentially including taxes, shipping, and other fees.

Overhead Costs

Expenses associated with running a business that are not directly tied to the production of goods or services, such as rent, utilities, and administrative costs.

Profit

The financial gain achieved when the amount of revenue gained exceeds the expenses, costs, and taxes needed to sustain the activity.

Markdown

A reduction in the selling price of goods or services, often to clear old stock or to beat competitors.