nternal control does not consist of policies and procedures that Select one: a. Ensure that business information is accurate b. Protect assets from misuse c. Guarantee the company will earn a profit d. Ensure employees and managers comply with laws and regulations

Q: The fundamental characteristic of the corporateform of business organization that gives rise to the…

A: Answer:- Correct option is A.the seperation of ownership and control

Q: A written code of ethics is a document for reference: it is never actively enforced or practiced in…

A: Disclaimer: "Since you have asked multiple questions in a single question so we answered the first…

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

A:

Q: What are operations people’s primary complaints against the accounting procedures used in most…

A: The primary complaints against accounting departments have to do with the fact that accounting…

Q: rue or False: Effectiveness is doing the right things of completing activities so that the…

A: The basic meaning of effectiveness in Management is that the concerned person/team has a capability…

Q: identify all factors which might cause an accounting firm to decide not to retain a client or to…

A: An accounting firm serves businesses, individual, and corporation in preparing their financial…

Q: Which of the following statements regarding flaws suffered by financial measures is not correct? A)…

A: Operational Measures are useful in identifying operational problems.

Q: Which one is false? A. The agency is defined as a relationship by consent between two parties,…

A: Managers are the people appointed by the firm for managing its day-to-day business operations.…

Q: Which of the following losses can be considered as operational risk losses? a) A counterparty going…

A: Operational risk is defined by the Bank for International Settlements (BIS) as the risk of loss…

Q: Segregation of duties is an important internal control. However,this control is often a challenge…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

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

A:

Q: Which of the following does not demonstrate internal control practices? a. Allowing access of…

A: Internal control is a set of measures instituted by management and designed to help. achieve the…

Q: Which of the following is not part of the definition of internal control? Separation of duties…

A: Explanation:

Q: Some argue that having various organizations establish accounting principles is wasteful and…

A: Given statement is: Some argue that having various organizations establish accounting principles is…

Q: Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports…

A: Generally Accepted Accounting Principles (GAAP): The Generally Accepted Accounting Principles (GAAP…

Q: It is important that management accounting follow certain ethical principle. Please specify which of…

A: Answer:-  Management Accounting meaning:- Managers of the company use the information related to…

Q: What is one of the ways that accounting is used to direct and control the manager of a corporation?…

A: Accounting is referred to as a process under which the transactions of a company are recorded,…

Q: In a public corporation, the agency conflict is: O the exploitation of the workers by the owners the…

A: Agency Conflict refers to Conflict between the agents and owners of the company  Agents refers to…

Q: Professional behaviour refers to the obligation that all members of the professional bodies: a.…

A: Professional bodies are the professional organizations whereby the professional individual tend to…

Q: Economic enterprises, both for profit and nonprofit, generate revenues through business processes…

A: A thriving RCM method is crucial for a care observe to take care of monetary viability and still…

Q: Which of the following statements is incorrect? Select one: a. Reports produced using management…

A: Management accounting is that branch of accounting under which financial accounting information is…

Q: Management accounting and financial accounting differ in that management accounting information is…

A: Management accounting and financial accounting are very much similar and differ mainly in two…

Q: Question 1 (i) Operational controls are designed to prevent failures in operational procedures…

A: ANSWERS HAVE BEEN GIVEN IN THE NEXT SHEET

Q: The objectives of financial Statements include _________     A. None of the choices are correct…

A: FINANCIAL STATEMENT ARE REPORTS THAT PROVIDE DETAILS OF FIRMS FINANCIAL INFORMATION SUCH AS ASSET…

Q: t includes all the rules and processes needed to safeguard assets, maintain accuracy in accounting,…

A: Answer: Concept: Safeguarding assets and maintaining accuracy in accounting is all about internal…

Q: Why the corporate social responsibility activities have negative implication on the accounting…

A: The costs paid to do CSR activities are basically expensed from the company money. In the short…

Q: Which of the following is true of internal​ control?         A. Internal control procedures tend to…

A: Internal control  is implemented  in organizations  by management

Q: Information from Management Reporting System are used by business owners in making strategic…

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

Q: Segregation of duties is an important concept in internal control. However, segregation of duties is…

A: Segregation of duties: It refers to assigning various duties associated with the same process. It…

Q: Which of the following statements is incorrect? a.Management accounting focuses mainly on the…

A: Management accounting is that branch of accounting which helps in decision making with the help of…

Q: Question 1 (i) Which of the following is not an example of internal control risk? A. Risks of…

A: Answers have been given in the next sheet.

Q: ship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And…

A: It will cause many additional problems that the really need is the Companies Act requirement in…

Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…

A: Internal control consists of policies and procedures which is implemented in the organisation so…

Q: Internal control in a small business requires an outside CPA to audit the company books. Group of…

A: Internal control: Internal control can be defined as the policies, procedures, rules and regulations…

Q: Distinguish between ethical issues and legal issues. 2. When a company has a strong internal control…

A: SOLUTION ETHICAL VALUES WHICH SERVE TO DISTINGUISH BETWEEN GOOD OR BAD , RIGHT OR WRONG AND MORAL…

Q: Which of the following are true statements on the principal-agent problem between corporate managers…

A: The principal-agent problem occurs when there are conflicts of interest between the principal and…

Q: A)Differentiate between traditional reporting and Integrated reporting.   B)   Evaluate earnings…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: An Internal Control System will not Assists compliance with laws and regulations Helps ensure the…

A: The controls implemented by the business entity to prevent certain frauds and to ensure the…

Q: Accounting controls are designed to:  A) safeguard company assets and ensure reliable accounting…

A: Accounting control is the methods and procedures that are implemented by a firm to help ensure the…

Q: Which of the following best describes the objectives of internal controls? O Ensuring the compliance…

A: Internal control is to ensure that organizations objectives are achieved and management is using its…

Q: Why is a system of internal control not able  to overcome collusion by employees?

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Agency costs are best defined as: The cost of conflict between the banks and shareholders O The cost…

A: Agency costs are the internal costs which arise due to the conflict of interest between firm's…

Q: Which of the following is not part of the definition of internal control? a. Separation of duties b.…

A:

Q: Authorization of transactions is considered a key control in most organizations. Authorizations…

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

Q: Which of the following statements is false? a.Financial accounting must conform to GAAP.…

A: Financial and managerial accounting both are branches of accounting wherein financial accounting is…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.