Sound internal control can be described as separating all of the following duties and responsibilities except...
Sound internal control can be described as separating all of the following duties and responsibilities except for:
Multiple Choice
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recordkeeping.
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transaction authorization.
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custody of, or direct access to, assets.
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hiring of employees.
Homework Answers
Answer) hiring of employees.
For hiring of employees no separation of duties is involved
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Sound internal control can be described as separating all of the
following duties and responsibilities except...
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...
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?...
A company separates custody and record-keeping responsibilities for a given business activity. What can be said...
A company separates custody and record-keeping responsibilities for a given business activity. What can be said of this procedure? It does not affect internal control activities. It is a good example of segregation of duties. It is a good example of authorization of transactions and other business activities. It is a good example of physical controls.
Determine whether each procedure described below is an internal control strength or weakness; then identify the...
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. The same employee requests, records, and makes payment for purchases of inventory. The company saves money by having employees involved in operations perform the only review of internal controls. Time is saved by not updating records for use of supplies. The recordkeeper is not allowed to write checks or initiate EFTs. Each salesclerk is in charge...
Implementation of an ERP system requires increased focus on all except which of the following controls? A...
Implementation of an ERP system requires increased focus on all except which of the following controls? A controls over access to data B data entry controls on validity and accuracy C appropriate disposal of hard copy reports D segregation of duties between custody, authorization, and recording
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
Help! Short or no explanations! Answer right and you will have postivle feedback! Answer all 4,...
Help! Short or no explanations! Answer right and you will have
postivle feedback! Answer all 4, because accouding to the policy in
a single post I can ask 4 questions! Thanks
Question 21 (of 33) 21. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages for cost of goods sold using Net sales as the base. Net sales Cost of goods sold Operating expenses Net earnings 2015 $ 571,400 232,900 84,940 42.940...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. h Each month, the assets on hand are compared to the accounting records by - an internal auditor. A prenumbered shipping document is prepared for each shipment of goods to customers.
7. For each of the independent cases below, identify the principle of internal control that is...
7. For each of the independent cases below, identify the principle of internal control that is violated. (Not all letters will be used. Some may be used more than once.) A. Establish responsibilities B. Maintain adequate records C. Insure assets and bond key employees D. Separate recordkeeping from custody of assets E Divided responsibility for related transactions F. Perform regular and independent reviews In order to save money, Indigo Company has decided to drop its property insurance on assets and...
6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A...
6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A : the organization demonstrates a commitment to integrity and ethical values. B : the organization identifies risks to the achievement of its objectives across the entity and analyzes risk as a basis for determining how the risks should be managed. C : the organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. D : the board of directors demonstrates...
A company separates custody and record-keeping responsibilities for a given business activity. What can be said of this procedure? It does not affect internal control activities. It is a good example of segregation of duties. It is a good example of authorization of transactions and other business activities. It is a good example of physical controls.
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
Help! Short or no explanations! Answer right and you will have
postivle feedback! Answer all 4, because accouding to the policy in
a single post I can ask 4 questions! Thanks
Question 21 (of 33) 21. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages for cost of goods sold using Net sales as the base. Net sales Cost of goods sold Operating expenses Net earnings 2015 $ 571,400 232,900 84,940 42.940...
The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. h Each month, the assets on hand are compared to the accounting records by - an internal auditor. A prenumbered shipping document is prepared for each shipment of goods to customers.
7. For each of the independent cases below, identify the principle of internal control that is violated. (Not all letters will be used. Some may be used more than once.) A. Establish responsibilities B. Maintain adequate records C. Insure assets and bond key employees D. Separate recordkeeping from custody of assets E Divided responsibility for related transactions F. Perform regular and independent reviews In order to save money, Indigo Company has decided to drop its property insurance on assets and...
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