Stars are what i think the answer is but im not sure some help would be appreciated!
Its due in 45 minutes!
Which of the following below is not a factor that influences a business's control environment.
Management鈥檚 philosophy and operating cycle
Organization structure
Proofs and security measures
Personnel policies
Which one of the following below reflects a weak internal control system
risk assessment
*monitoring
proofs and security measures
separating responsibilities for related operations
The most common way a company discovers fraud is by:
Accident
Checking the internet
*Tips from employees, customers, or supplies
Lie detector tests
Cash change funds, once established, require no additional debits or credits to Cash:
Unless the amount of the fund is to be increased or decreased
Until cash is needed for the following business day
Until all change has been used for changing large bills
Until bills or coins are exchanged for another denomination at the bank
A example of a preventive control is:
The use of a bank account
Separation of the purchasing Department and Accounting Department personnel
*Bonding employees who handle cash
Accepting payment in currency only
EFT:
means Efficient Funds Transfer
can process certain cash transactions at less cost than by using the mail
*makes it easier to document purchase and sale transactions
means Effective Funds Transfer
Following the completion of the bank reconciliation, an adjusting entry was made that debited cash and credited Interest Revenue. Therefore the bank reconciliation must have included an item that was:
Deducted from the Balance per depositors鈥欌€?records
*Deducted from the balance per bank statement
Added to the balance per depositors records|||2Which one of the following below reflects a weak internal control system
B monitoring
#3 The most common way a company discovers fraud is by:
C: Tips from employees, customers, or supplies
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