What is not a corrective control procedure?
A) Identify the cause of a problem.
B) Deter problems before they arise.
C) Correct resulting errors or difficulties.
D) Modify the system so that future problems are minimized or eliminated.
Answer: B) Deter problems before they arise.
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Items on the balance sheet that represent amounts owed to others are termed
A) assets. B) liabilities. C) revenues. D) expenses. E) none of the above.
Which of the following is a characteristic of contracts?
A) They are based on commitments for an indefinite, often unlimited, time. B) They focus on carrying out specific activities for specific responses. C) They extend to responsibilities above and beyond the initial agreement. D) They do not involve the payment of money in exchange for services. E) They are bonds based on unlimited promises, pledges, and commitments.