(i) Operational controls are designed to prevent failures in operational procedures caused by: i. Machine breakdown and human error ii. Failures in the performance of systems and weaknesses in procedures iii. Poor management iv. Risks of errors or fraud in accounting systems and accounting and finance activities A. (i) and (ii) only B. (i), (ii) and (iii) only C. (i), (ii) and (iv) only D. All of the above (ii) What is a 'quorum?' A. The minimum number of 'qualifying persons' required in order to validly conduct business. B. A meeting that lacks a chairman. C. The maximum number of persons who may attend a meeting. D. A meeting that is invalid because sufficient notice has not been provided. (iii) Narrative reporting provides benefits such as i. Providing a broader, more meaningful understanding of an organisation’s business ii. Improvement in the quality of information available to providers of financial capital iii. Promotion of a more cohesive and efficient approach to corporate reporting iv. Provide information that are easier to comprehend. A. (i) only B. (ii) and (iii) only C. (ii) and (iv) only D. All of the above
Please answer all 3 subparts
Question 1
(i) Operational controls are designed to prevent failures in operational procedures caused by:
i. Machine breakdown and human error
ii. Failures in the performance of systems and weaknesses in procedures
iii. Poor management
iv. Risks of errors or fraud in accounting systems and accounting and finance activities
A. (i) and (ii) only
B. (i), (ii) and (iii) only
C. (i), (ii) and (iv) only
D. All of the above
(ii) What is a 'quorum?'
A. The minimum number of 'qualifying persons' required in order to validly conduct business.
B. A meeting that lacks a chairman.
C. The maximum number of persons who may attend a meeting.
D. A meeting that is invalid because sufficient notice has not been provided.
(iii) Narrative reporting provides benefits such as
i. Providing a broader, more meaningful understanding of an organisation’s business
ii. Improvement in the quality of information available to providers of financial capital
iii. Promotion of a more cohesive and efficient approach to corporate reporting
iv. Provide information that are easier to comprehend.
A. (i) only
B. (ii) and (iii) only
C. (ii) and (iv) only
D. All of the above
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