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

Question

Quizplus · Accepted Answer

The internal control objective of 'classified' specifically refers to ensuring that transactions are charged and allocated to the correct general ledger account. This classification is crucial for accurate financial reporting and analysis.

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