Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

Financial Accounting

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

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Multiple Choice

Which type of input control would best mitigate the threat of data entry errors in a company's accounting information system?

Field check

Segregation of duties

Reconciliation procedures

Physical access control

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Verified step by step guidance

Understand the concept of input controls: Input controls are mechanisms designed to ensure the accuracy, completeness, and validity of data entered into a system. They help mitigate errors and improve data integrity.

Analyze the options provided: The options include 'Field check,' 'Segregation of duties,' 'Reconciliation procedures,' and 'Physical access control.' Each serves a different purpose in an accounting information system.

Evaluate 'Field check': A field check is an input control that verifies whether the data entered into a specific field is of the correct type (e.g., numeric, text, date). This directly addresses data entry errors by ensuring the format and type of data are correct.

Compare other options: 'Segregation of duties' is a control to prevent fraud by dividing responsibilities among employees. 'Reconciliation procedures' ensure that records match, and 'Physical access control' restricts access to systems or data. These do not directly address data entry errors.

Conclude that 'Field check' is the most relevant input control for mitigating data entry errors, as it directly validates the type and format of data entered into the system.