_______ comprises of the plan of the organization and all the co-ordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data to promote operational efficiency and to encourage adherence to prescribed managerial policies. a. Internal Control b. Internal Audit c. Audit Plan d. Risk Assessment

Q: Managerial accounting information provides both financial and nonfinancial information to a…

A: There are two branches of accounting. One is financial accounting and other is managerial…

Q: A system that establishes financial accountability for operating segments within an organization is…

A: Responsibility Accounting is a system of control where responsibility is assigned to a person.

Q: s1: An adequate internal control ensures the substantial accuracy of various managerial reports,…

A: Ans. An internal control policies makes sure that the sufficient level of accuracy is maintained. It…

Q: Defining internal control Internal controls are designed to safeguard assets, encourage employees to…

A: Internal controls are implemented with an objective to ensure the reliability of financial…

Q: Which of the following members of an organization has ultimate ownership responsibility of the…

A: Solution: The chief executive officer (CEO) has the ultimate responsibility for enterprise risk…

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Defining internal control Internal controls are designed to safeguard assets, encourage employees to…

A:

Q: Management accounting keeps the management fully informed about the latest position of the concern…

A: Reports are the formal document which helps in communicating the required information to the…

Q: Each of the following quality control policies and procedures is typical of ones that can be found…

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Policies and procedures that client management has established to meet its objectives for financial…

A: Financial reporting means circulation and sending of financial information and financial statements…

Q: Distinguish between managerial and financial accounting in terms of the key consumers of their…

A: Introduction : When a company's transactions and economic activity throughout time are recorded and…

Q: The internal audit activity most directly contributes to an organization’s governance process by A.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What term is used to describe broadly to the manner in which an organization is governed or managed…

A: Corporate governance refers to the set of rules, procedures, systems, processes designed for the…

Q: Financial performance analysis includes analysis and interpretation of financial statements in such…

A: In the world of finance financial performance analysis is an important analysis that is done so as…

Q: Match each of the following control activities with its definition. Control Activities…

A: Given below control activities are matched with the definition:

Q: Internal control system comprises the company's policies, practices and procedures which are…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Management accountant plays an important role in the organization. Analyze the key roles of…

A: Management accountant is a person who does accounting and provides financial data of the business to…

Q: Which of the following is not considered to be part of the internal control structure of a…

A: Every business organisation has its own objectives and goals. Business wants to achieve that goals…

Q: Understand the role of a system of quality control and monitoring efforts in enabling public…

A: A system of quality control means that every professional is following every quality professional…

Q: Include examples of the type of information and reports the management accountant can provide

A: The accounting which is related to the preparation of the reports and to measure the performance of…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: Audit:- An audit is considered as the physical examination of books of accounts of a company through…

Q: Business ethics is about managing ethics in an organizational context and involves applying…

A: Decision-making process: Decision making can be defined as the process of making choices through the…

Q: A program refers to a collection of projects or programs and other work that are grouped together to…

A: The questions are multiple choice questions. The question is related to Program , Project and…

Q: Management accountants are actively involved in the process of managing the entity. This process…

A: Management: Management is a process that ensure that everything in the company is going in the right…

Q: An internal control system consists of all policies and procedures used to protect assets, ensure…

A: Controls are the rules, procedures, and activities which are implemented within an organization for…

Q: Identify the following as True or False:A. Managerial accounting reports must comply with the rules…

A: Managerial accounting is concerned with a company's inner financial operations, whereas financial…

Q: Auditor conducts observation process as a part of evaluation of internal control a. To understand…

A: The management of the company is responsible to check the internal controls and then making…

Q: 10. Which of the following does the planning function involve? a. Analyzing financial statements b.…

A: Planning means the process of setting and mission , vision of the company and setting the goals and…

Q: An internal control system is made up of all rules and processes that are used to safeguard assets,…

A: Here is the Answer

Q: Which characteristic applies more to financial accounting than to managerial accounting? a.…

A: The following are applicable to managerial accounting as these are for internal use of the company.…

Q: Internal accounting information is used primarily for internal decision making by an…

A: a.

Q: Indicate whether each statement describes financial accounting or managerial accounting. The…

A: Financial Accounting means the process of recording the transaction , posting , summarising ,…

Q: Senior management

A: Senior management obtains data about external events that might affect the entity and evaluates the…

Q: Which of the following are characteristics of management accounting information? a) Unregulated…

A: Accounting is the process of recording and analyzing accounting information. Several branches of…

Q: which one is not the responsibility of management towards auditor.

A: As per ISA 210 ( Agreeing to the terms of audit engagement )  Preconditions of an audit include…

Q: Which of the following is not considered to be part of the internal control structure of a company?…

A: Answer:  Publish accurate financial statements on a regular basis.

Q: internal and external audit

A: Internal audit is a process done by auditors appointed by management to act as a check on the day to…

Q: Match each of the following components of internal control with its description. Components of…

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Describe an example of how financial statements might be utilized internally by a company's…

A: Introduction: Financing statements assist firms in determining their financial health and are used…

Q: “Provides input into an entity’s production and marketing decisions.” Is it not a primary function…

A: Mangement Accounting:

Q: Which of the following is the principal reason for preparing managerial accounting reports? a.GAAP…

A: Introduction: Managerial accounting reports are used for planning, regulation, decision making, and…

Q: purpose of preparation of financial statements

A: Management uses the internal information reports for most of the decision making, ascertainment and…

Q: What do you call the owned natural resources of a firm? What is a common set of accounting standards…

A: Natural resources of the business are those found in the environment, these resources are natural…

Q: All of the rules and processes used to safeguard assets, assure accurate accounting, promote…

A: Internal Control: It is a system in which all the company's transactions get tracked and carefully…