A list of changes to on-line computer files is stored on magnetic tape to provide a transaction trail.
Correct Answer:
Verified
Q20: Financial accounting is concerned with the prevention
Q21: Internal control should be looked upon as
Q22: Approval (authorization)limits the initiation of a transaction
Q23: Physical theft is only a minor threat
Q24: Collusion occurs when a white-collar individual attempts
Q26: The segregation of authorization from the recording
Q27: Application controls are designed to provide assurance
Q28: The immediate return of input information to
Q29: Corrective controls act to prevent errors and
Q30: Detective controls are not considered transaction processing
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