The internal control objective of 'classified' means there are controls in place to ensure that:
A)amounts are assigned to transactions
B)transactions are recorded in the accounting period
C)transactions are charged and allocated to the general ledger account
D)fictitious or duplicate transactions are not included in the books of an organisation

Question

Quizplus · Accepted Answer

The term 'classified' in the context of internal controls refers to ensuring that transactions are correctly charged and allocated to the appropriate general ledger account. This helps in maintaining accurate financial records and facilitates financial reporting and analysis.

The Internal Control Objective of 'Classified' Means There Are Controls