Financial Accounting-w/cd-package
3rd Edition
ISBN: 9780131060876
Author: REIMERS
Publisher: PEARSON
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Question
Chapter 2, Problem 10MCQ
To determine
Identify the component that is not a part of internal control.
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Students have asked these similar questions
Which of the following is not one of the elements of a good system of internal control?
a.Control environment
b.Analysis of control procedures
c.Information and communication
d.Risk assessment
what are the difference between Preventive Controls and Detective Controls?
Which type of control is considered a compensating control? a. segregation of duties b. access control c. supervision d. accounting records
Chapter 2 Solutions
Financial Accounting-w/cd-package
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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Similar questions
- Which of the following i not an element of internal control?A. Control environmentB. MonitoringC. Compliance with laws and regulationsD. Control proceduresarrow_forwardWhich of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc. Incentived. Rationalizationarrow_forwardA weak internal control system is which element in the fraud triangle?a. Motiveb. Attitudec. Opportunityd. Rationalizationarrow_forward
- Which of the following is not one of the components of internal control according to the framework? a. Monitoring Activities b. Control Activities c. Planning Activities d. Risk Assessmentarrow_forward5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit Principle d) A, B, and C e) A and B onlyarrow_forwardWhat does “limitations of internal control” mean? Provide examples of limitations that are inherent to internal control.arrow_forward
- Which one of the following is not included in the control environment? a. Integrity & Ethical values b. Organizational Structure c. Competence of Personnel d. External Auditorarrow_forward2. Assessing control risk begins with understanding entity-level controls. a. True b. Falsearrow_forwardInternal control policies and procedures have limitations not including: O Collusion. O Human fraud. O Cost-benefit principle. O Establishing responsibilities. Human error.arrow_forward
- Explains these controls and tell why they are important in any fraud situation: a. Preventive controls b. Detective controls c. Leveraging technologd. Identifying the red flags NB: Answer questions a-darrow_forwardDescribe the difference between preventive controls and detective controls. What are examples of each?arrow_forwardDetermine the similarities and differences between the detective and preventive internal controls and which control is more reliable and effective, detective or preventive internal control? Explain your answer.arrow_forward
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