Final answer:
Application controls are responsible for preventing, detecting, and correcting transaction errors and fraud, making them the right choice in this context.
Step-by-step explanation:
The type of control that prevents, detects, and corrects transaction errors and fraud is known as application control. Application controls are specific to each application and include a wide range of control mechanisms, from the verification of data entry to the procedures that process transactions and update records.
General controls, such as security management and software acquisition, apply to all computer applications and information. Detective controls are designed to identify errors or irregularities after they have occurred. Preventive controls aim to prevent errors or irregularities from occurring in the first place.
In summary, application controls encompass a blend of preventive, detective, and corrective mechanisms, making option b the correct answer to this question.