What are the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system? a.internal accounting system b.double-entry accounting system c.business system d.internal control system
What are the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system? a.internal accounting system b.double-entry accounting system c.business system d.internal control system
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2MC: Internal control is said to be the backbone of all businesses. Which of the following is the best...
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1.
What are the collective procedures implemented by management to ensure that business activities are properly recorded in the accounting system?
a.internal accounting system
b.double-entry accounting system
c.business system
d.internal control system
2.
A company limits access to computerized accounting records. What can be said of this procedure?
a.It is a good example of physical controls.
b.It violates adequate documents and records.
c.It violates proper segregation of duties.
d.It is a good example of independent checks on performance.
3.
What element of internal control would include the setting of "tone at the top"?
a.control environment
b.risk assessment
c.monitoring
d.control activities
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