Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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How can accounting firms ensure independence and objectivity as part of their quality control procedures?
An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Do you agree or disagree with this statement. Why or why not
Define ‘control’ and state what would be the acceptable indicators for the transfer of control from the seller to the customer when the performance obligation is satisfied at a point in time according to IFRS 15-Revenue from Contracts with Customers.
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- Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitabilityarrow_forwardWhich of the following elements of a system of quality control is related to firms receiving independence confirmations from its professionals with respect to clients?a. Acceptance and continuance of client relationships and specific engagements.b. Engagement performance.c. Monitoring.d. Relevant ethical requirements.arrow_forwardWhich of the following is not a factor that influences a business's control environment? a.organizational structure b.personnel policies c.proofs and security measures d.management's philosophy and operating stylearrow_forward
- How does customer Satisfaction relate to management accounting? Give a practical example.arrow_forwardExplain how managers use the accounting standards to manage company’searnings ?arrow_forwardWhich of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.arrow_forward
- What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.arrow_forwardManagerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAParrow_forwardAn important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.arrow_forward
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