The control goal of input accuracy is concerned with the correctness of the transaction data that are entered into a system.
Indicate whether the statement is true or false
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Q. 2) Once an entry is made to establish a change fund, no other entries are made to this account.
a. True
b. False
Indicate whether the statement is true or false
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Q. 3) Match the following terms with the appropriate definitions. Definitions have not been provided for all of these terms.
a. Accrual
b. Deferral
c. Net income
d. The matching principle
e. The revenue recognition principle
f. The cost principle
g. The valuation principle
h. Adjustments
_____ 1. Updates made to account balances at the end of each accounting period
_____ 2. The rule that requires that revenues be recognized in the period when earned
_____ 3. A transaction in which the exchange of dollars comes before the action
_____ 4. The rule that requires that both earnings and the costs of earnings be reported on the same statement each accounting period
_____ 5. A transaction in which the action comes before the exchange of cash
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Q. 4) To be useful, information must be accurate and reliable.
Indicate whether the statement is true or false
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Q. 5) Norfolk Sporting Goods purchases merchandise with a catalog list price of 30,000 . The retailer receives a 30 trade discount and credit terms of 2/10, n/30 . What amount should Norfolk debit to the Merchandise Inventory account?
a. 21,000
b. 20,580
c. 30,000
d. 29,400
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Q. 6) Valid input data are appropriately authorized and represent actual economic events and objects.
Indicate whether the statement is true or false
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