Internal control, components, procedures, and laws [20-25 min]
TERMS: | DEFINITIONS: |
1. Collusion | A. The “tone at the top” of the business. |
2. Controller | B. Control procedure that divides responsibility between two or more people. |
3. Lock-box system | C. Outside accountants completely independent of the business who monitor the controls to ensure that the financial statements are presented fairly in accordance with GAAP. |
4. Firewalls | D. After using this process, messages cannot be read by those who do not know the code. |
5. Encryption | E. Two or more people working together to circumvent internal controls and defraud a company |
6. Control environment | F. The chief accounting officer of a company. |
7. Documents | G. The organizational plan and all related measures that promote operational efficiency. |
8. Internal control | H. Prevents nonmembers from accessing the network but allows members to access the network. |
9. External auditors | I. Without a sufficient one of these, information cannot properly be gathered and summarized. |
10. Timing difference | J. These should be pre-numbered to prevent theft and inefficiency. |
11. Information system | K. A system in which customers pay their accounts directly to a business?s bank. |
12. Separation of duties | L. Differences that arise between the balance on the bank statement and the balance on the books because of a time lag in recording transactions. |
Requirement
1. Match the terms with their definitions.
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