Homework Answers
| A good system of internal control urges adherence to prescribed managerial policies. |
| Internal control system lays down procedures and policies to be followed to achieve organizational objectives. |
| The activities carried out must be according to laid down policies and within rules and regulations. |
| Option A is correct |
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Multiple Choice 1.) A good system of internal control: A. Urges adherence to prescribed managerial policies....
Sanders Company's internal control system should: Multiple Choice Eliminates the company's risk of loss. Monitors company...
Sanders Company's internal control system should: Multiple Choice Eliminates the company's risk of loss. Monitors company and employee performance. Eliminates human error. Eliminates the need for audits. Eliminates the need for managers' certification of controls.
Select the correct answer Q1 At end of the day, the cash register's record shows $155,...
Select the correct answer
Q1
At end of the day, the cash register's record shows $155, but
the count of cash in the cash register is $150. The correct entry
to record the cash sales for the day is:
Q2
A company receives a 10%, 60-day note for $2,400. The total
interest due upon the maturity date is:
Q3
A machine that originally had an estimated useful life of 8
years, but after 3 complete years, it was decided that...
An effective control environment Multiple Choice identifies and responds to business risks. O guarantees that all...
An effective control environment Multiple Choice identifies and responds to business risks. O guarantees that all controls are followed as prescribed O does not need an effective board of directors or internal audit function O creates a commitment to competence. O
25. In a large public corporation, evaluating internal control procedures should be responsibility of: Multiple Choice...
25. In a large public corporation, evaluating internal control procedures should be responsibility of: Multiple Choice a.Accounting management staff who report to the CFO. b. Operations management staff who report to the chief operation officer. c. Security management staff who report to the chief facilities officer. d. Internal audit staff who report to the board of directors. 28. Management philosophy and operating style would have a relatively less significant influence on a firm's control environment when: Multiple Choice Accurate management...
MULTIPLE CHOICE QUESTIONS! 1)In obtaining an understanding of an entity's internal control relevant to audit planning,...
MULTIPLE CHOICE QUESTIONS! 1)In obtaining an understanding of an entity's internal control relevant to audit planning, an auditor is required to obtain knowledge about the a) Controls related to each principal transaction class and account balance. b) Consistency with which controls are currently being applied. c) Effectiveness of controls that have been implemented. d) Design of the controls pertaining to internal control components. 2) In a good system of segregation of duties, which of the following duties should be segregated?...
1. Identify the five components of a good internal control system. 2. "Internal control is concerned...
1. Identify the five components of a good internal control system. 2. "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain. 3. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company. 4. What principles of internal control apply to most organizations? 5. How do documentation procedures contribute to good internal control? 6. What internal control objectives are met by physical controls? in internal...
3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External...
3) Role of internal audit function
30 Chapter 1: Auditing and Internal Contrel Management ii External auditor i Internal audit To whom should the Director of Internal Audits report. Explain your answer. Comment on the audit committee member's per- spective as to the committee's current composition. 3. Role of Internal Audit Function Nano Circuits Inc. is a publicly traded company that pro- duces electronic control circuits, which are used in many products. In an effort to comply with SOx, Nano...
e. When an online real-time (OLRT) IT processing system is in use, internal control can be...
e. When an online real-time (OLRT) IT processing system is in use, internal control can be strengthened by Multiple Choice Providing for the separation of duties between data input and error handling operations Reconciling hash totals to computer runs O Making a validity check of an identification number and password before a user can obtain access to the computer files. O Preparing batch totals to provide assurance that file updates are made for the entire input. O
1. Detection risk is the risk a. that internal controls will not be followed. b. that...
1. Detection risk is the risk a. that internal controls will not be followed. b. that the business will naturally experience, regardless of internal controls. c. that measures the effectiveness of a firm's internal controls. d. that an internal audit will not uncover incidents where controls have not been followed. 2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of resources? a. Operational audit b. Independent audit...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a....
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
Select the correct answer
Q1
At end of the day, the cash register's record shows $155, but
the count of cash in the cash register is $150. The correct entry
to record the cash sales for the day is:
Q2
A company receives a 10%, 60-day note for $2,400. The total
interest due upon the maturity date is:
Q3
A machine that originally had an estimated useful life of 8
years, but after 3 complete years, it was decided that...
An effective control environment Multiple Choice identifies and responds to business risks. O guarantees that all controls are followed as prescribed O does not need an effective board of directors or internal audit function O creates a commitment to competence. O
1. Identify the five components of a good internal control system. 2. "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain. 3. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company. 4. What principles of internal control apply to most organizations? 5. How do documentation procedures contribute to good internal control? 6. What internal control objectives are met by physical controls? in internal...
3) Role of internal audit function
30 Chapter 1: Auditing and Internal Contrel Management ii External auditor i Internal audit To whom should the Director of Internal Audits report. Explain your answer. Comment on the audit committee member's per- spective as to the committee's current composition. 3. Role of Internal Audit Function Nano Circuits Inc. is a publicly traded company that pro- duces electronic control circuits, which are used in many products. In an effort to comply with SOx, Nano...
e. When an online real-time (OLRT) IT processing system is in use, internal control can be strengthened by Multiple Choice Providing for the separation of duties between data input and error handling operations Reconciling hash totals to computer runs O Making a validity check of an identification number and password before a user can obtain access to the computer files. O Preparing batch totals to provide assurance that file updates are made for the entire input. O
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
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