Homework Answers
Ans: the organizational plan
Internal control is employed to ensure effective and efficient business activities.It is a plan designed by the organization to have control on the functioning of the organization.
It is not a law. There is no state law for internal control.
It is not a generally accepted accounting principle. Generally accepted accounting principles are procedures that give a framework for accounting and preparing financials.
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internal control is
Internal control is (Only complete the and all the related measures designed to...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
Discuss the meaning of “internal control” in the context of accounting. Then share five examples of internal control procedures designed to prevent fraud and accidental accounting errors.
Discuss the meaning of “internal control” in the context of accounting. Then share five examples of internal control procedures designed to prevent fraud and accidental accounting errors.
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...
The measures used by an organization to provide reasonable assurance that the organization produces reliable financial...
The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner are collectively referred to as: Multiple Choice O The internal control structure. Generally accepted accounting principles. ooo Securities and exchange regulations. Financial accounting standards Financial
Select the best answer: Which of the following is an internal control weakness related to factory...
Select the best answer: Which of the following is an internal control weakness related to factory equipment? 1) Checks issued in payment of purchases of equipment are not singed by the controller. 2) All purchases of factory equipment are required to be made by the department in need of the equipment. 3) Factory equipment replacements are generally made when estimated useful lives, as indicated in depreciation schedules have expired. 4) Proceeds from sales of fully depreciated equipment are credited to...
l 6 of 10 (4 complete HW Score: 22.57% 22.57 of 1 score: ot 10 pts...
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6 of 10 (4 complete HW Score: 22.57% 22.57 of 1 score: ot 10 pts E7-16 (book/static) Match the following terms with their definitions (Use each definition only one) (Consider the following definitions) More Info 1. Internal control 2. Control procedures 3. Firewalls Encryption 5. Environment 6 Information system 7. Separation of duties 8. Collusion 9. Documents 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act a. Two or more people working together to overcome internal controls...
31) An activity-based costing system that is designed for internal decision-making will not conform to generally...
31) An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because: A) under activity-based costing some manufacturing costs (i.e., the costs of idle capacity and organization-sustaining costs) will not be assigned to products. B) under activity-based costing the sum of all product costs does not equal the total costs of the company C) activity-based costing has not been approved by the United Nation's International Accounting Board. D) activity-based costing results in...
In quantifying the need for Internal Control, we generally look at the risk associated with a...
In quantifying the need for Internal Control, we generally look at the risk associated with a particular process or entity. Answer the following questions regarding risk & internal control: What are the two components generally used to assess risk, and what do they mean? Why is an awareness of risk useful for the application of internal control? What would happen if risk were not accounted for in internal control? Give three examples of specific internal controls, and explain a scenario/risk...
Requirement b. For each internal control, identify the transaction-related audit objective(s) to which it applies. Transaction-related...
Requirement b. For each internal control, identify the transaction-related audit objective(s) to which it applies. Transaction-related audit Internal control objective(s) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee's background, former 1. employers, and references. Approval of department head or foreman on time records is required before preparing 2. payroll Accuracy All prenumbered time records are accounted for before beginning data entry for 3. preparation of payroll. Accuracy and Occurence Classification...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
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...
The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner are collectively referred to as: Multiple Choice O The internal control structure. Generally accepted accounting principles. ooo Securities and exchange regulations. Financial accounting standards Financial
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6 of 10 (4 complete HW Score: 22.57% 22.57 of 1 score: ot 10 pts E7-16 (book/static) Match the following terms with their definitions (Use each definition only one) (Consider the following definitions) More Info 1. Internal control 2. Control procedures 3. Firewalls Encryption 5. Environment 6 Information system 7. Separation of duties 8. Collusion 9. Documents 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act a. Two or more people working together to overcome internal controls...
31) An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because: A) under activity-based costing some manufacturing costs (i.e., the costs of idle capacity and organization-sustaining costs) will not be assigned to products. B) under activity-based costing the sum of all product costs does not equal the total costs of the company C) activity-based costing has not been approved by the United Nation's International Accounting Board. D) activity-based costing results in...
Requirement b. For each internal control, identify the transaction-related audit objective(s) to which it applies. Transaction-related audit Internal control objective(s) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee's background, former 1. employers, and references. Approval of department head or foreman on time records is required before preparing 2. payroll Accuracy All prenumbered time records are accounted for before beginning data entry for 3. preparation of payroll. Accuracy and Occurence Classification...
ACCT2110 Financial Accounting Chapter Seven Internal Control and Cash Homework Problem 1. The following control procedures are used at Feliz Company fo 1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash d r over-the-counter cash receipts 2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in th . Each clerk counts his/her own receipts at the end of the...
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