The internal control process of computing and recording the gains/losses for all fixed asset disposals will minimize the risk of:
A)Omitted transactions
B)Stolen goods
C)Fraudulent acquisitions
D)Invalid vendors

Question

Quizplus · Accepted Answer

The internal control process of computing and recording the gains/losses for all fixed asset disposals will minimize the risk of omitted transactions, which refers to transactions that are unintentionally left out of the accounting system. This internal control process does not address the risks of stolen goods, fraudulent acquisitions, or invalid vendors.

The Internal Control Process of Computing and Recording the Gains/losses