Key control procedures for the long-term debt and owner's equity process are

Question

Quizplus · Accepted Answer

Key control procedures for the long-term debt and owner's equity process include authorization procedures (B) and independent reconciliations (D). These help ensure that only authorized individuals are able to initiate and approve transactions and that those transactions are accurately recorded and reflected in the company's financial statements. Segregated transaction trails (C) and physical controls (E) may also be important but are not specifically related to the long-term debt and owner's equity process. Documentation of duties (A) is also important but does not specifically address control procedures for this process. Therefore, the best choice is G, which includes the two procedures most directly related to long-term debt and owner's equity.

Key Control Procedures for the Long-Term Debt and Owner's Equity