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.
Homework Answers
Solution:
Sanders Company's internal control system should "Monitors company and employee performance."
Hence 2nd option is correct.
Explanation:
It cannot eliminates human error, risk of loss and need for audits and it is more necessary in large companies.
Add Answer to:
Sanders Company's internal control system should:
Multiple Choice
Eliminates the company's risk of loss.
Monitors company...
Multiple Choice 1.) A good system of internal control: A. Urges adherence to prescribed managerial policies....
Multiple Choice 1.) A good system of internal control: A. Urges adherence to prescribed managerial policies. B. Insures profitable operations. C. Eliminates the need for an audit. D. Requires the use of noncomputerized systems. E. Is not necessary if the company uses a computerized system.
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls...
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls are used by managers as a way to reduce outstanding customer balances O Managers utilize internal controls as a basis of employee performance reviews O Companies use strong internal controls to guarantee that loss is eliminated O Companies create internal controls to protect assets and ensure reliable accounting Confidence Level Rate your conticence to submit your answer Resources
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...
If auditors assess control risk at the maximum level, they will tend to: Multiple Choice perform...
If auditors assess control risk at the maximum level, they will tend to: Multiple Choice perform more audit procedures using internal evidence. perform substantive tests at an interim date. perform a great deal of additional tests of controls. perform a great deal of substantive testing during the 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...
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...
11) Risk management should A) Focus on loss minimization only B) Not be an objective by...
11) Risk management should A) Focus on loss minimization only B) Not be an objective by itself C) Be driven by internal audit D) Be rules-based so it is the same throughout the organization E) Should be software driven 12) What is typically the weakest link in internal controls? A) Technology B) The human elements C) Lack of funding D) Lack of a risk assessment E) No internal audit department 13) Which of the following is not likely to cause...
1)An effective and robust system of internal control ________. A) should be carefully examined to see...
1)An effective and robust system of internal control ________. A) should be carefully examined to see if the benefits outweigh the costs of providing such a system B) will eliminate all risks related to entity objectives C) will guarantee that the entity will meet its objectives D) can only provide an entity with reasonable assurance in achieving its financial reporting objectives 2) Physical controls are concerned with limiting ________. A) the informational output of the firm B) access to accounting...
Multiple - Choice: What are possible benefits to use a captive (can be any type of captive)? a. Completely transfer risk to the fronting company b. Create a source of profit for the pa...
Multiple - Choice: What are possible benefits to use a captive (can be any type of captive)? a. Completely transfer risk to the fronting company b. Create a source of profit for the parent c. Design and customize the company's own risk financing programs d. Manage risk using internal sources which are cheaper than external funds e. Peer pressure to keep up with loss control which ultimately benefits the business
Multiple Choice 1.) A good system of internal control: A. Urges adherence to prescribed managerial policies. B. Insures profitable operations. C. Eliminates the need for an audit. D. Requires the use of noncomputerized systems. E. Is not necessary if the company uses a computerized system.
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls are used by managers as a way to reduce outstanding customer balances O Managers utilize internal controls as a basis of employee performance reviews O Companies use strong internal controls to guarantee that loss is eliminated O Companies create internal controls to protect assets and ensure reliable accounting Confidence Level Rate your conticence to submit your answer Resources
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) 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...
Most questions answered within 3 hours.
-
DP Gumby produces sleeveless sweaters. He can separate the
demand function into a domestic component: QD=...
asked 5 minutes ago -
6) Weak acids are not very soluble in water. A). TRUE B).
FALSE
The answer says...
asked 11 minutes ago -
Lab #2 Address Book Unsorted List (C++)
Using classes, design an online address book to keep...
asked 21 minutes ago -
Tucson Machinery, Inc., manufactures numerically controlled
machines, which sell for an average price of $0.5 million...
asked 36 minutes ago -
Review the referenced paper by Melse (2008). Describe the
research question being addressed. Discuss the methods...
asked 41 minutes ago -
Please do all parts. I don't want to hear your as per guidelines
stuff. Do if...
asked 51 minutes ago -
1. Why is Hardy-Weinberg Theorum important? How can we
test whether a population is in H-W...
asked 51 minutes ago -
A sample of 3 is selected from 9 cards. How many permutation is
possible? Show Work.
asked 1 hour ago -
Identify a commercial data mining software product (e.g., SAS)
and an open-source data mining product (e.g.,...
asked 1 hour ago -
Following are the capital account balances for the William,
Jennings, and Bryan partnership:
William (40% of...
asked 59 minutes ago -
An investment project provides cash inflows of $770 per year for
11 years.
a. What is...
asked 1 hour ago -
About the lecture of human resource management, give me the
process and schedule of how the...
asked 1 hour ago