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Question 4 1 pts Which of the following is a violation of internal control? O Anemployee switches from being respons...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Question 3 5 pts The following procedures were recently implemented at Pampered Pets, Inc. For each...
Question 3 5 pts The following procedures were recently implemented at Pampered Pets, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness. If it is a weakness, explain why. Make sure your answer is substantive. One word answers for weaknesses will receive full credit. (a) At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers....
Question 2 1 pts Which of the following statements is false? Internal control includes the procedures...
Question 2 1 pts Which of the following statements is false? Internal control includes the procedures and actions to: ensure that net income increases each year. O protect assets against theft and waste. O evaluate the performance of company personnel o ensure that company policies are being followed. D Question 3 1 pts Mechanical devices such as check protectors, cash registers, and time clocks, serve as: only symbolic warnings to potential white collar criminals. O ineffective control devices because they...
For each of the following independent situations, indicate whether there is an apparent internal control weakness,...
For each of the following independent situations, indicate whether there is an apparent internal control weakness, and, if one exists, suggest alternative procedures to eliminate the weakness. 1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits to his supervisor a list of all accounts and amounts to be charged, along with supporting documentation....
Question 10 1 pts a One of the easiest ways to help achieve internal control is...
Question 10 1 pts a One of the easiest ways to help achieve internal control is to divide the cash receipts process among several persons. True O False
Pick one of the following and describe a control procedure. Basically, each one has more than...
Pick one of the following and describe a control procedure. Basically, each one has more than one control that can be implemented. What internal control procedure(s) would provide protection against the following threats? Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system Making a credit sale to a customer...
Question 1 2 pts According to Faden and Beauchamp, in authorizing, one transfers to another one's...
Question 1 2 pts According to Faden and Beauchamp, in authorizing, one transfers to another one's authority to implement an action but does not assume responsibility for what has been authorized. O True False D Question 2 2 pts Judith Jarvis Thomson believes that the only way to show that abortion is morally permissible is by proving that the fetus is not a person and hence does not have a right to life. O True O False Question 3 2...
The following procedures were recently implemented by SUP Yoga Co.: a. Each cashier is assigned a...
The following procedures were recently implemented by SUP Yoga Co.: a. Each cashier is assigned a separate cash register drawer to which no other cashier has access b. All sales are rung up on the cash register, and a receipt is given to the customer All sales are recorded on a record locked inside the cash register c. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record,...
Question 54 1 pts Which of the following statements is true? o If a strategy is...
Question 54 1 pts Which of the following statements is true? o If a strategy is weakly dominant, then it is also strictly dominant. None of the other answers is correct. Games with strictly dominant strategies guarantee that players achieve the highest available payoffs in Nash Equilibrium. If a two-player game has a strictly dominant strategy for one player, then it does not necessarily have a strictly dominant strategy for the other player. The prisoners' dilemma game has no strictly...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Question 3 5 pts The following procedures were recently implemented at Pampered Pets, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness. If it is a weakness, explain why. Make sure your answer is substantive. One word answers for weaknesses will receive full credit. (a) At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers....
Question 2 1 pts Which of the following statements is false? Internal control includes the procedures and actions to: ensure that net income increases each year. O protect assets against theft and waste. O evaluate the performance of company personnel o ensure that company policies are being followed. D Question 3 1 pts Mechanical devices such as check protectors, cash registers, and time clocks, serve as: only symbolic warnings to potential white collar criminals. O ineffective control devices because they...
For each of the following independent situations, indicate whether there is an apparent internal control weakness, and, if one exists, suggest alternative procedures to eliminate the weakness. 1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits to his supervisor a list of all accounts and amounts to be charged, along with supporting documentation....
Question 10 1 pts a One of the easiest ways to help achieve internal control is to divide the cash receipts process among several persons. True O False
Question 1 2 pts According to Faden and Beauchamp, in authorizing, one transfers to another one's authority to implement an action but does not assume responsibility for what has been authorized. O True False D Question 2 2 pts Judith Jarvis Thomson believes that the only way to show that abortion is morally permissible is by proving that the fetus is not a person and hence does not have a right to life. O True O False Question 3 2...
The following procedures were recently implemented by SUP Yoga Co.: a. Each cashier is assigned a separate cash register drawer to which no other cashier has access b. All sales are rung up on the cash register, and a receipt is given to the customer All sales are recorded on a record locked inside the cash register c. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record,...
Question 54 1 pts Which of the following statements is true? o If a strategy is weakly dominant, then it is also strictly dominant. None of the other answers is correct. Games with strictly dominant strategies guarantee that players achieve the highest available payoffs in Nash Equilibrium. If a two-player game has a strictly dominant strategy for one player, then it does not necessarily have a strictly dominant strategy for the other player. The prisoners' dilemma game has no strictly...
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