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29. Internal controls are concerned with. a. only manual systems of accounting. b. the extent of...
Indicate whether each of the following statements regarding internal controls is true or false. 25 a)...
Indicate whether each of the following statements regarding internal controls is true or false. 25 a) 1,66 points Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations b) Safeguarding assets against theft and unauthorized use, acquistion, or disposal is not part of an internal control systom. c) The mechanics of internal control systems do not vary from company to company. The Committee of Sponsoring Organizations' (COSC) framework...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of p...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
1) All of the following are purposes of internal control except to: A) Promote operational inefficiency....
1) All of the following are purposes of internal control except to: A) Promote operational inefficiency. B) Safeguard assets. C) Ensure accurate and reliable accounting records. D) Prevent and detect error and fraud. 2) An effective accounting information system: A) allows employees flexibility in setting the working hours. B) guarantee a company will not go bankrupt. C) includes control, compatibility, flexibility, and a favourable cost/benefit relationship. D) promote operational efficiency. E) will prevent fraud in all cases. 3) Paying top...
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...
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following...
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following items a through g. indicate whether its amount (1) affects the bank of a bank reconciliation. (2) represents an addition or a subtraction in a bank reconciliation and quires an adjusting journal entry. Add or Subtract Adj. Entry or Not Bank or Book Side a. Interest on cash balance ...... b. Bank service charges........... c. Minimum balance charge... d. Outstanding checks e. Credit memo...
d. 66. The objectives of internal control are to a. control the internal organization of the...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
Part I (60 Points) Theory 1. The purpose of the Sarbanes-Oxley Act is to restore public confidence and trust in the...
Part I (60 Points) Theory 1. The purpose of the Sarbanes-Oxley Act is to restore public confidence and trust in the financial reporting of companies. A True. B. False. IMPORTANT 2. Internal control consists of policies and procedures used by a company to A. Safeguard its assets. B. Process information accurately. C. Compliance with laws and regulations. D. All of the above. 3. At ASU Bookstore, a sales employee assists customers with finding the items the customer wishes to purchase,...
Learning Objective 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control...
Learning Objective 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices Other controls (specify) Internal Control and a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and siness decides not to use a ticket taker...
need all the answers just answers 6. Analytical procedures are most likely to detect: a. Weaknesses...
need all the answers just answers
6. Analytical procedures are most likely to detect: a. Weaknesses of a material nature in internal control b. Unusual transactions. c. Noncompliance with prescribed control activities, d. Improper separation of accounting and other financial duties. able 7. Wecepting an balance statement unting sieni managem 7. Which of the following should the auditors obtain from the predecessor auditors before accepting an audit engagement? a. Analysis of balance sheet accounts. b. Analysis of income statement accounts...
Indicate whether each of the following statements regarding internal controls is true or false. 25 a) 1,66 points Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations b) Safeguarding assets against theft and unauthorized use, acquistion, or disposal is not part of an internal control systom. c) The mechanics of internal control systems do not vary from company to company. The Committee of Sponsoring Organizations' (COSC) framework...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
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...
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following items a through g. indicate whether its amount (1) affects the bank of a bank reconciliation. (2) represents an addition or a subtraction in a bank reconciliation and quires an adjusting journal entry. Add or Subtract Adj. Entry or Not Bank or Book Side a. Interest on cash balance ...... b. Bank service charges........... c. Minimum balance charge... d. Outstanding checks e. Credit memo...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
Part I (60 Points) Theory 1. The purpose of the Sarbanes-Oxley Act is to restore public confidence and trust in the financial reporting of companies. A True. B. False. IMPORTANT 2. Internal control consists of policies and procedures used by a company to A. Safeguard its assets. B. Process information accurately. C. Compliance with laws and regulations. D. All of the above. 3. At ASU Bookstore, a sales employee assists customers with finding the items the customer wishes to purchase,...
Learning Objective 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: • Assignment of responsibilities • Separation of duties • Audits • Electronic devices Other controls (specify) Internal Control and a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and siness decides not to use a ticket taker...
need all the answers just answers
6. Analytical procedures are most likely to detect: a. Weaknesses of a material nature in internal control b. Unusual transactions. c. Noncompliance with prescribed control activities, d. Improper separation of accounting and other financial duties. able 7. Wecepting an balance statement unting sieni managem 7. Which of the following should the auditors obtain from the predecessor auditors before accepting an audit engagement? a. Analysis of balance sheet accounts. b. Analysis of income statement accounts...
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