The Internal Control Objective of Ensuring That All Sales on Credit

question 40

Multiple Choice

The internal control objective of ensuring that all sales on credit are recorded at the proper dollar amounts is ________.

• A)accuracy
• B)classification
• C)Completeness
• D)proper period cut-off

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Compound Annual

This term, when incomplete, typically refers to the compound annual growth rate (CAGR), which is a measure of the mean annual growth rate of an investment over a specified time period longer than one year.

Compounded Quarterly

The process of calculating and adding interest to the principal sum of an investment or loan on a quarterly basis, thus increasing the amount on which subsequent interest is calculated.

Semiannually Compounded

Interest calculation method where the interest earned is added to the principal twice per year, effectively growing the investment more quickly than simple interest.